Benzinga | Nov 2, 2021 10:44AM EDT

Liquidity Services Acquires Bid4Assets For Undisclosed Sum

* Liquidity Services Inc (NASDAQ:LQDT) has acquired Bid4Assets, an online marketplace focused on conducting real property auctions for the government, for an undisclosed sum.

* The company expects the transaction to accelerate its penetration of the large and fragmented municipal government real estate market.

* Silver Spring, Maryland-based 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.

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

* Liquidity Services held $112.7 million in cash and equivalents as of June 30, 2021.

* Price Action: LQDT shares closed lower by 1.72% at $21.70 on Monday.