We will accelerate investment in the online tools that make auctioneers a preferred route for the disposal of many industrial assets.
Ryan Downs, CEO of Proxibid, said, “The combined resources of ATG and Proxibid will give us greater scale in a competitive market. We are excited to continue to serve the auction industry as its online partner in the future with even more resources to deploy to improve the technology, the user experience, and to bring more online bidders to auctioneers”. John-Paul Savant, CEO of ATG, said, “ATG has served the auction industry with energy and commitment for almost 50 years, combining a global online bidder base with a robust and flexible online marketplace platform to deliver outstanding results for auctioneers for over a decade now. Both management teams are excited about the combination and believe their collective resources will benefit auctioneers and bidders through increased technology investment and better auction results. Proxibid and ATG will sit under the ATG umbrella with headquarters in London, but retain substantial operations in Omaha, Nebraska, where Proxibid is headquartered. ECI Partners (“ECI”), the current owners of ATG, have also retained a significant stake in the company. TA Associates now holds a majority stake in the combined entity. TA Associates has simultaneously acquired Proxibid, a provider of online auction services to auctioneers of industrial assets in the United States, whose services complement those of ATG’s existing marketplaces. As part of its long term growth strategy, Auction Technology Group (“ATG”) has today taken on new investment from TA Associates, a leading global growth private equity firm.
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