DC Advisory* is pleased to announce that Ritchie Bros. Auctioneers Incorporated (NYSE & TSX: RBA) has acquired a majority interest in its supplier, Xcira LLC, a leader in simulcast auction technology. Xcira’s market leading platform and approach to online auction innovations are important contributors to Ritchie Bros.’ success and were key factors that led to the acquisition. Ritchie Bros. has been a customer of Xcira for the past 14 years. In 2014, nearly $1.7 billion of equipment and other assets sold through Ritchie Bros. auctions transacted on Xcira’s “Online Ringman” software platform.
Xcira will continue operating under its current management team and will continue to provide valued technology services to many other auction companies outside of the industrial sector. In 2014 Xcira’s “Online Ringman” software was used in more than 23,750 auction events globally, and facilitated online auction bidding for nearly $62 billion in auction sales, in more than 25 countries. Xcira’s technology is also considered the benchmark for live online auction bidding in the wholesale auto, luxury goods and collectables, real estate, livestock and salvage sectors.
We have built a strong, productive relationship with the Ritchie Bros. team over more than a decade of partnership. We are proud that our leading edge technology will contribute to Ritchie Bros.’ success in a more meaningful way as a result of this transaction.
What to read next
*Find our more about DC Advisory >