Ritchie Bros. and the SmartEquip team to simplify equipment parts procurement

Ritchie Bros. completed its acquisition of SmartEquip, a technology platform that supports customer lifecycle management of equipment and integrates parts procurement from OEMs and dealers.

“This acquisition expands our set of solutions and continues our goal of providing the best customer experience as we move from a traditional auctioneer to a global marketplace for transaction information, services and solutions,” said Ann Fandozzi. , CEO of Ritchie Bros. “SmartEquip will allow us to offer customers asset-specific parts and service on behalf of our dealers and OEM partners.”

SmartEquip is a multi-vendor platform that provides customers with real-time, dynamically personalized diagnostic service and support, via serial number, for every asset in their fleet, as well as enabling electronic purchasing of parts from equipment manufacturers and their dealers. The company supports an annual transaction volume of approximately $1 billion with more than 600 OEM brands, on behalf of fleets in North America, Europe and Asia-Pacific. SmartEquip has 60 employees and will continue to operate as a stand-alone business and maintain a physical presence in Norwalk, CT for the foreseeable future.

“Ritchie Bros. is an ideal partner for us and our team is very excited to take the next step of growth together,” said Bryan Rich, Executive Chairman of SmartEquip. “Thanks to Ritchie Bros.” global customer base, this merger will accelerate SmartEquip’s ability to support its rapidly growing footprint in our shared global markets and customer base. »

Under the terms of the transaction, Ritchie Bros. acquired 100% of the shares of SmartEquip for approximately US$175 million subject to adjustment.