VANCOUVER-The Canadian-born auction giant Ritchie Brothers has just acquired one of the world’s leading online marketplaces for heavy equipment and other durable assets, IronPlanet. According to a statement from the two companies, “Ritchie Bros. outstanding brand reputation and high degree of customer trust, coupled with IronPlanet’s digital prowess built on user-friendly technology, will provide multiple product and channel offerings.”

“Over the last three years, we’ve been successfully executing on a multi-channel diversification strategy to ensure that the company stays relevant and strong in a changing environment. In IronPlanet, we found a company that allows us to continue our rich history of innovation and gives us the tools and talent to transform into a digital information and insights powerhouse,” says Ravi Saligram, Ritchie Bros.’ CEO. “The missions of our companies are aligned: deliver maximum choice and value to our customers. We look forward to bringing our combined pride and passion together under one umbrella to accelerate our growth initiatives and add shareholder value.”

Greg Owens, IronPlanet chairman and CEO added, “The management team and employees of IronPlanet are enthusiastic about joining forces with Ritchie Bros. The possibilities are endless when you merge brand strength with technology. We are inspired by the vision of leading a digital transformation in the industry.”