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BETHESDA, MD, November 01, 2021 (GLOBE NEWSWIRE) – Liquidity Services, Inc. (NASDAQ: LQDT), the world’s largest e-commerce marketplace for corporate and government surpluses, today announced the acquisition from Bid4Assets, an online market leader strategically focused on conducting real estate auctions for the government, including tax foreclosure sales and sheriff sales. The transaction accelerates Liquidity Services ‘penetration into the large and fragmented municipal government real estate market and expands the size of Liquidity Services’ overall market opportunities for the public sector.
Founded in 1999, Silver Spring, MD-based Bid4Assets launched the first public internet real estate auctions to provide sellers and buyers with enhanced transparency, convenience and financial recovery. Since its inception, Bid4Assets has achieved the sale of over $ 1 billion in asset sales to over 800,000 registered buyers through the use of its data-driven technology and online sales platform. line.
“With its strong track record of 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. This strategic transaction reflects our continued commitment to lead the digital transformation of the multi-billion dollar municipal and state government asset management and sales activities in the multi-billion dollar marketplace for the benefit of all stakeholders, ”said Bill Angrick, President of the Board of Directors and Chief Executive Officer of Liquidity. Services.
“We are proud of our heritage as a pioneer and leader in the public real estate market and this partnership will allow us to leverage the scale, reach and technological capabilities of Liquidity Services to seize a tremendous opportunity to market, ”said Jesse Loomis, Chief Executive Officer of Bid4Assets. Coupled with the municipal government’s footprint of Liquidity Services and over 4 million registered buyers, this acquisition enables Bid4Assets to accelerate its development, provide better services to its clients and expand its presence in the nationwide. “Most public real estate auctions in the United States are still conducted inefficiently in front of the courthouse. We are changing that dynamic for the benefit of all parties involved, ”said Loomis.
Mr. Loomis will continue to manage the growth of Bid4Assets as a division of Liquidity Services after closing and will retain the current management team and employees of Bid4Assets after closing.
Under the agreement, Liquidity Services acquired 100% of the issued and outstanding shares of Bid4Assets.
Caution Regarding Forward-Looking Statements
This document contains forward-looking statements made in accordance with the Private Securities Litigation Reform Act of 1995. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any results. , level of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include, without limitation, statements regarding the business outlook and future strategic positioning of the Company, including the expected benefits of the acquisition of Bid4Assets; expected future results; expected future effective tax rates; and trends and assumptions regarding future periods or events, including following the acquisition of Bid4Assets. You can identify forward-looking statements by words such as “may”, “will”, “should”, “could”, “” believes “,” predicted “,” potential “,” continuing “or the negative of these terms or other comparable terminology. Our business is subject to a number of risks and uncertainties, and our past performance is no guarantee of our performance in future periods. Although we believe that the expectations reflected in forward-looking statements are reasonable , we cannot guarantee future results, activity levels, performance or achievements.
There are several risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this document. Important factors that could cause our actual results to differ materially from those expressed as forward-looking statements are set out in our documents filed with the SEC from time to time, and include, among others, potential changes in political conditions, commercial and economic; the integration of Bid4Assets into our GovDeals segment, the duration of the COVID-19 pandemic and the effects of COVID-19 on our business and operations and on the economy in general, including the effects on our sellers and customers, any regional or general economic downturn or crisis and any conditions that affect the growth of electronic commerce or cross-border commerce; the Company’s ability to realize the expected growth opportunities in the heavy equipment and real estate asset categories; increases in the supply of new vehicles and silicon chips that could disrupt favorable recovery trends; the Company’s need to manage the attraction of buyers to a wide range of asset classes with varying degrees of maturity and in many different geographies; the ability to successfully make interim payments on our market platform; the Company’s need to respond successfully to the growing importance of mobile commerce and the growing aspects of the environmental and social impact of electronic commerce in an increasingly competitive environment for our business, including not only the risks of disintermediation of our e-commerce services by our competitors, but also by our buyers and sellers; the impact of the COVID-19 pandemic on our business, our employees, our sellers and buyers, and global supply chains; disruptions to cross-border transactions due to restrictions related to the COVID-19 pandemic on travel and shipping, including the impact of such disruptions on the Company’s ability to generate profit, increase GMV or forecast with accuracy of transactions; the Company’s ability to timely upgrade and expand our technology systems, infrastructure, and marketing and customer service capabilities at a reasonable cost while maintaining site stability and performance and adding new products and functionalities; the Company’s ability to attract, retain and develop the qualified employees we need to support our business; the Company’s ability to integrate, manage and develop businesses that have been acquired or may be acquired in the future, including the acquisition of Bid4Assets; and the risks and uncertainties set out in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020, which is available on the SEC and Company websites. There may be other factors of which we are not presently aware or which we believe are immaterial which could cause our actual results to differ materially from forward-looking statements.
All forward-looking statements attributable to us or to persons acting on our behalf speak only as of the date of this document and are expressly qualified in their entirety by the cautionary statements included herein. Except as required by law, we assume no obligation to update or publicly revise any forward-looking statement to reflect events or circumstances occurring after the date of this document or to reflect the occurrence of unforeseen events.
About liquidity services
Liquidity Services (NASDAQ: LQDT) operates the world’s largest B2B e-commerce marketplace platform for surplus assets with over $ 8.5 billion in transactions completed, to approximately 4 million qualified buyers globally and 15,000 business and government vendors. We support customers’ sustainability efforts by helping them extend asset life, prevent unnecessary waste and carbon emissions, and defer products from landfills. Through our vital mission of building a better future for surpluses, we have played a pivotal role in many of our customer’s zero waste initiatives and have worked with federal and municipal businesses and government agencies to launch some of the biggest green initiatives. To date, carry billions of pounds of surplus assets from landfills.
Bid4Assets is an online auction marketplace based in Silver Spring, Maryland. Private company auctions have plagued real estate for the federal government, sheriffs, county tax collectors, financial institutions and real estate funds. Bid4Assets has led online tax sales for over 100 counties and cities nationwide and pioneered online sheriff sales for the Commonwealth of Pennsylvania. Since its inception in 1999, the company has sold over 125,000 properties nationwide and grossed over $ 1 billion in auctions.
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Investor Relations Liquidity Services, Inc. [email protected]
Source: Liquidity Services, Inc.