Liquidity Services, the biggest eCommerce marketplace for business and government surplus, is acquiring Bid4Assets, a digital platform that targets real property 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 Bid4Assets’ issued and outstanding stock, the release stated. The acquisition expands Liquidity Services’ entry into the disjointed municipal government real estate space as well as the size of its opportunity in the public sector.
“With its strong track record of delivering 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 marketplace for real estate,” said Liquidity Services Chairman of the Board and CEO Bill Angrick in the release. “This strategic transaction reflects our continued commitment to leading the digital transformation of the asset management and sale activities within the multi-billion-dollar municipal and state government market to benefit all stakeholders.”
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Launched in 1999 and headquartered in Silver Spring, Maryland, Bid4Assets established the first digital public action platform for the sale of real property, according to the release. The site offers transparency to both buyers and sellers as well as convenience and financial recovery. The company has sold more than $1 billion-worth of assets to date to over 800,000 registered buyers.
Bid4Assets CEO Jesse Loomis said in the release that the company’s legacy as a “pioneer and leader” in the government property market is one it looks back on with pride. Teaming up with Liquidity Services is a “tremendous market opportunity.”
“Coupled with Liquidity Services’ municipal government footprint and over 4 million registered buyers, this acquisition enables Bid4Assets to accelerate its development, deliver greater services to its clients and expand its footprint nationally,” Loomis said in the release. “Most of the real property public auctions in the U.S. are still being conducted inefficiently in front of the courthouse.”
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Bid4Assets will become a division of Liquidity Services post-closing, and Loomis will continue to manage the unit’s growth, the release stated. The current Bid4Assets’ management team and employees will also stay on post-closing.
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