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“The combined resources of ATG and Proxibid will give us greater scale to compete against competitors such as Ritchie Brothers,” said Ryan Downs, CEO of Proxibid.
#PROXIE BID PROFESSIONAL#
The companies are a natural cultural fit, both valuing the provision of a professional experience for our auctioneer and bidder clients.” “Combining ATG and Proxibid will give us the resources to invest in better tools for auctioneers and accelerate investment in marketing, which we believe will bring a steady stream of new online bidders. “The auction market is at a unique point in its evolution, benefiting on one hand from transformations in online selling technology and on the other from the growing trend for buyers to seek unique and second use items,” said John-Paul Savant, CEO of Auction Technology Group. Financial terms of the transaction were not disclosed. As part of the transaction, ECI reinvested in the combined entity and now holds a minority stake. Both management teams are excited about the combination and believe that their collective resources will benefit auctioneers and bidders through increased technology investment and better auction results. The companies will be brought under the ATG umbrella with headquarters in London, but will retain substantial operations in Omaha, Nebraska, where Proxibid is headquartered. BOSTON and LONDON, Febru– TA Associates, a leading global growth private equity firm, today announced the acquisitions of Auction Technology Group (“ATG”), a leading online platform for auctions across Europe and the United States, from ECI Partners (“ECI”), and Proxibid, an online marketplace for connecting buyers and sellers across North America, from Primus Capital (“Primus”).īoth ATG and Proxibid transactions closed on the 13 th of February 2020.