Ritchie Bros. acquired a controlling stake in VeriTread, a transportation technology and services company. This acquisition will accelerate Ritchie Bros.’ marketplace strategy, which brings services, insights, and transaction solutions together to improve the overall customer experience. With this acquisition, Ritchie Bros. increased its ownership in VeriTread from 11% to 75% stake in the company.
“VeriTread adds to our suite of services supporting the needs of equipment owners throughout the equipment lifecycle. At the same time, it also helps create a more efficient global marketplace by integrating transportation solutions directly into our new marketplace technology,” said Ann Fandozzi, Ritchie Bros. CEO. “VeriTread, in combination with our satellite yards, will allow us to further scale and accelerate our hybrid marketplace model through increased capacity optimization and seamless customer experiences.”
VeriTread, founded in 2013, brings a legacy of experience in building heavy haul transportation platforms and solutions for industrial equipment, vehicles and other assets.
“VeriTread is thrilled to become a bigger part of the Ritchie Bros. marketplace, helping customers and the company transport equipment more efficiently,” Jeff Cox, founder, president & CEO of VeriTread, said. “Together we are focused on delivering an extraordinary customer experience, with trustworthy and reliable transportation for heavy equipment, vehicles and other industrial assets. We are nimble, flexible and can’t wait to get started!”
