Benzinga | Sep 27, 2021 10:13AM EDT

Ritchie Bros To Acquire SmartEquip For $175M

* Ritchie Bros Auctioneers Inc (NYSE:RBA) has agreed to acquire SmartEquip for ~$175 million. SmartEquip is a multi-manufacturer platform that provides customers with real-time service and diagnostic support, dynamically customized, via serial number, to each asset in their fleet and enables the electronic procurement of parts from OEMs their dealers.

* SmartEquip has 60 employees and will continue to operate as a standalone business.

* Ritchie Bros expects the acquisition to enable it to offer asset-specific, full-lifecycle parts and service support on behalf of dealer and OEM partners to buyers.

* SmartEquip will deepen IMS (inventory management system) connectivity and enable digital solutions at scale around inspections and ancillary services while optimizing search and advertising revenue streams.

* Ritchie Bros Auctioneers held cash and cash equivalents of $442.7 million as of June 30, 2021.

* Price Action: RBA shares are trading higher by 0.05% at $61.98 on the last check Monday.