Xcira, Inc., (Xcira) the premier and leading technology supplier to the traditional auction industry, is very pleased to announce that it has secured a strategic equity investment from Ritchie Bros. (NYSE and TSX: RBA), the world’s largest industrial auctioneer.
As the leading auction technology supplier, Xcira has enjoyed a strong relationship with Ritchie Bros. for the past fourteen years. Ritchie Bros.’ new equity stake provides Xcira with the opportunity to further invest in its next-generation, multi-segment technology platform, and secures a strategic partnership, with the worldwide leading industrial auction company. By leveraging Ritchie Bros. global auction expertise and experience, Xcira will be better positioned to develop technologies that cater to the needs of auction companies and their bidding customers.
“This transaction is a natural evolution of our close working relationship. We look forward to developing our next-generation auction technologies alongside Ritchie Bros.’ vast auction experience,” said Nancy Rabenold, Co‐Founder and Chief Executive Officer of Xcira.
“Xcira’s market leading technology and approach to online auction innovations were key factors in our decision to acquire an equity stake in the business. The strength of their systems was, and continues to be, an important contributor to Ritchie Bros. success. In fact, nearly $1.7 billion of equipment and other assets sold through Ritchie Bros. auctions during 2014 transacted on Xcira’s ‘Online Ringman’ software platform,” said Ravi Saligram, CEO, Ritchie Bros. Auctioneers.
Xcira remains committed to serving all auction segments and is excited about finalizing key strategic relationships with auction companies in other industries to contribute to the development of its next-generation technology platform. Xcira, based in Tampa, Florida, will operate business-as-usual under its current branding. The existing Xcira team will continue to provide valued technology services to customers in every auction segment around the world.
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