Benzinga | Nov 2, 2021 10:28AM EDT

Liquidity Services Reports Purchase Of Bid4Assets, No Terms Disclosed

Liquidity Services, Inc. (NASDAQ:LQDT), the world's largest e-commerce marketplace for business and government surplus, today announced it has acquired Bid4Assets, a leading online marketplace strategically focused on conducting real property auctions for the government, including tax foreclosure sales and sheriff's sales. The transaction accelerates Liquidity Services' penetration of the large and fragmented municipal government real estate market and expands the size of Liquidity Services' overall public sector market opportunity.

Founded in 1999, Bid4Assets, based in Silver Spring, MD, pioneered the first internet-based public auctions of real property to provide sellers and buyers enhanced transparency, convenience and financial recovery. Since inception, Bid4Assets has completed the sale of over $1 Billion of asset sales to over 800,000 registered buyers through the use of its data driven technology and online sales platform.

"With its strong track record of delivering 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 marketplace for real estate. This strategic transaction reflects our continued commitment to leading the digital transformation of the asset management and sale activities within the multi-billion dollar municipal and state government market to benefit all stakeholders," stated Bill Angrick, Chairman of the Board and Chief Executive Officer of Liquidity Services.

"We are proud of our heritage as a pioneer and leader in the government real estate market and this partnership will allow us to leverage the scale, scope, and technological capabilities of Liquidity Services to seize a tremendous market opportunity," said Jesse Loomis, Chief Executive Officer of Bid4Assets. Coupled with Liquidity Services' municipal government footprint and over 4 million registered buyers, this acquisition enables Bid4Assets to accelerate its development, deliver greater services to its clients and expand its footprint nationally. "Most of the real property public auctions in the U.S. are still being conducted inefficiently in front of the courthouse. We're changing that dynamic to the benefit of all parties involved," said Loomis.

Mr. Loomis will continue to manage the growth of Bid4Assets as a division of Liquidity Services post-closing and will retain the current Bid4Assets' management team and employees post-closing.

Under the terms of the agreement, Liquidity Services has acquired 100% of Bid4Assets' issued and outstanding stock.