Liquidity Services, the largest ecommerce marketplace for business and government surpluses, acquires Bid4Assets, a digital platform that targets real estate auctions for the government, including tax foreclosure sales and sheriff’s sales, according to a Press release.
Financial terms were not disclosed, but the agreement stipulates that Liquidity Services has acquired 100% of the issued and outstanding shares of Bid4Assets, according to the statement. The acquisition broadens the entry of Liquidity Services into the real estate space disjointed from municipal administrations as well as the size of its opportunity in the public sector.
“With its strong track record in creating value for government agency clients, our acquisition of Bid4Assets enhances our portfolio of digital solutions for our sellers, expands our buyer base and strengthens our position as a leading market for real estate, ”said the president of Liquidity Services. the board of directors and the chief executive officer Bill Angrick in the output. “This strategic transaction reflects our continued commitment to lead the digital transformation of the multi-billion dollar municipal and state asset sales and management business, for the benefit of all stakeholders. “
See also: NYDIG acquires Bitcoin Bottlepay payment app
Launched in 1999 and based in Silver Spring, Maryland, Bid4Assets established the first digital public action platform for the sale of real estate, according to the release. The site offers transparency to buyers and sellers as well as convenience and financial recovery. The company has sold over $ 1 billion in assets to date to over 800,000 registered buyers.
CEO of Bid4Assets Jesse loomis said in the statement that the company’s heritage as a “pioneer and leader” in the public real estate market is one that it takes pride in. Teaming up with Liquidity Services is a “huge market opportunity”.
“Coupled with the municipal government’s footprint of Liquidity Services and more than 4 million registered buyers, this acquisition enables Bid4Assets to accelerate its development, provide better services to its clients and extend its presence to the ‘nationwide,’ Loomis said in the statement. “Most public real estate auctions in the United States are still conducted inefficiently in front of the courthouse. “
Read also: Klarna Takes on PriceRunner to Bring New Features to Buyers
Bid4Assets will become a division of Liquidity Services after closing, and Loomis will continue to manage the growth of the unit, the statement said. Bid4Assets’ management team and current employees will also remain in post after the close.