BETHESDA, Md., Nov. 01, 2021 (GLOBE NEWSWIRE) — 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.
About Liquidity Services
Liquidity Services (NASDAQ: LQDT) operates the world’s largest B2B e-commerce marketplace platform for surplus assets with over $8.5 Billion of completed transactions, to approximately 4 million qualified buyers worldwide and 15,000 corporate and government sellers. We support clients’ sustainability efforts by helping them extend the life of assets, prevent unnecessary waste and carbon emissions, and defer products from landfills. Through our vital mission of Building a Better Future For Surplus we’ve played an integral role in many of our clients’ zero-waste initiatives and worked with corporations, and federal and municipal government agencies to pioneer some of the largest green initiatives to date, deferring billions of pounds of surplus assets from landfills.
About Bid4Assets
Bid4Assets is an online auction marketplace based in Silver Spring, MD. The privately held company auctions distressed real estate for the federal government, sheriffs, county tax-collectors, financial institutions and real estate funds. Bid4Assets has conducted online tax sales for over 100 counties and cities nationwide and has pioneered online sheriff’s sales for the Commonwealth of Pennsylvania. Since its inception in 1999, the company has sold more than 125,000 properties nationwide and grossed over a billion dollars in auction sales.
