Online auction company “IronPlanet” gets acquired for nearly $760M by Ritchie Bros

The company's sellers achieve more profitable sales through low transaction costs and better price realizations through a global audience of buyers.

Pleasanton -  Sept 03, 2016. RedNewswire/-

IronPlanet, a Pleasanton, California-based auction service for used construction and agricultural equipment, was acquired for nearly $760M by Ritchie Bros., a publicly traded industrial auctioneer.

IronPlanet, backed by Caterpillar, allows users to place bids online or on-site with a high degree of confidence, or buy at a fixed price. It offers a multi-channel platform for the sale of assets.

Ritchie Bros announced a deal to partner with Caterpillar for live onsite and online auctions of Caterpillar’s used equipment.

IronPlanet, a private company based in the United States was founded in 1999, has raised a total funding of $139.6M and is now acquired for approximately $760M by Ritchie Bros.

Featured image source

Contributors: