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IronPlanet, Cat Auction Services Complete Merger

April 03, 2015, 07:23 AM
Filed Under: Mergers & Acquisitions

IronPlanet, a leading online marketplace for buying and selling used heavy equipment and trucks (backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar, Komatsu and Volvo) and Cat Auction Services (an alliance of Caterpillar and several of its independent Cat dealers) announced the completion of the merger of the two companies.

With its merger with Cat Auction Services, and as IronPlanet marks its 15th anniversary, the company is establishing the industry's most complete, technology-driven platform for buying and selling of used heavy equipment -- both online and onsite.

During its 15 year expansion, IronPlanet has grown from an online auction platform for the disposition of used heavy equipment, to a complete, technology-based platform of six unique marketplaces. With the addition of Cat Auction Services, IronPlanet now offers a full suite of support services that provides a better, more flexible customer experience. Together, IronPlanet and Cat Auction Services’ customers will benefit from the most comprehensive integrated platform in the industry for managing their used heavy equipment acquisition and disposition strategies.

In addition to its merger news with Cat Auction Services, IronPlanet is also growing, expanding and scaling its overall business operations with key and strategic "momentum metrics" news and results. Key highlights of IronPlanet's recent momentum is illustrated by:

  • The ability to leverage its more than 1.3 million registered users from around the world, ensuring strong bidder and buyer participation for sellers across all IronPlanet marketplaces.
  • On average since 2010 annually, IronPlanet has enabled sellers from 40 countries to reach buyers in more than 100 countries, with 50 percent of all items receiving international bids and 30 percent of items being exported after sale.
  • Hosting its two largest auction weeks in its history – both in excess of $45 million gross merchandise volume (GMV) of equipment sold – in as many months:  its annual three-day Florida auction this past February and its end-of-quarter auctions across six of its marketplaces the week of March 23rd. IronPlanet’s joint event with Cat Auction Services in Florida drew 131 sellers, including 25 participating Cat dealers.
  • Its November 2014 launch of GovPlanet, which produced a 300% increase in revenue for the government on the disposition of rolling stock for the Defense Logistics Agency Disposition Services of the U.S. Department of Defense on its GovPlanet marketplace.

See additional "momentum metrics" results in the complete press release linked here.

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