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Quiktrak Acquired by Bureau Veritas Following Record Growth

April 10, 2014, 07:00 AM
Filed Under: Mergers & Acquisitions

Quiktrak, a global leader in asset verification and inventory audit solutions, announced it has been acquired by Paris-based Bureau Veritas, a world leader in testing, inspection and certification services. This acquisition allows Quiktrak to expand its services within Bureau Veritas’ more than 140 countries, making it a global one-stop shop for field inspections, verifications and inventory auditing services for the equipment leasing, commercial lending, wholesale credit and floorplan financing industries.

Under the agreement, Quiktrak CEO and President, Greg Froomer, will retain his position along with the current executive team. Quiktrak’s offices, operations and staff will remain at their headquarters in Beaverton, Ore. Customers will continue to receive the same level of service and support while gaining immediate access to new markets across the globe. This will include access to Bureau Veritas’ offices, multilingual tech support and on-the-ground audit team to begin expansion. With the acquisition, Bureau Veritas can leverage the power of the Revoquest system throughout its organization and strengthen its vehicle inspection position in the United States.

“We’re thrilled about this sale as it allows us to deliver new products and services to our clients and expand our business into new territories,” said Greg Froomer, CEO and president of Quiktrak. “In addition to our growth in North America, our strategy has always been to grow internationally as a result of client demand. After a year of strong growth, we are ready for the next step. This agreement extends the reach of our customers while maintaining our company culture and the stellar service our customers expect.”

Quiktrak has been delivering asset verification technology and services to its customers for more than 20 years. Its solutions are currently available in 14 countries and 7 different languages around the world.

“Quiktrak complements our existing vehicle inspection offering and is a natural partner that will bring additional efficiencies to the audit industry and beyond,” said Didier Michaud-Daniel, Chief Executive Officer of Bureau Veritas. “We are impressed with Quiktrak’s advanced risk management tools like Revoquest and look forward to our partnership.”

Headquartered in Beaverton, Oregon, Quiktrak is a leading provider of due diligence field services, including field inspection and asset verification reports and floor plan inventory auditing and technology solutions. Founded in 1991, Quiktrak utilizes their Revoquest technology and a network of more than 600 strategically placed inspectors to provide the industry’s most reliable and trusted asset verification solution. Quiktrak’s audit services and technology solutions help protect the assets of leading commercial lenders and asset finance companies, including captive finance and wholesale credit groups currently in 14 countries.

Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has more than 64,000 employees in around 1,330 offices and laboratories located in 140 countries. Bureau Veritas helps its clients to improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility. Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.

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