Xcira has obtained a strategic equity investment from Ritchie Bros., an international industrial auctioneer company.
Xcira, which is a technology supplier for the traditional auction business, has had a relationship with Ritchie Bros. for 14 years. However, this equity stake changes the game a bit.
The company said the investment will allow it to invest more in its multi-segment technology platform, and allows Xcira to “be better positioned to develop technologies that cater to the needs of auction companies and their bidding customers,” Xcira said in a news release.
“This transaction is a natural evolution of our close working relationship. We look forward to developing our next-generation auction technologies alongside Ritchie Bros.’ vast auction experience,” said Nancy Rabenold, Xcira’s co-founder and chief executive officer.
Ritchie Bros. Auctioneers CEO Ravi Saligram said: “Xcira’s market leading technology and approach to online auction innovations were key factors in our decision to acquire an equity stake in the business. The strength of their systems was, and continues to be, an important contributor to Ritchie Bros. success.
“In fact, nearly $1.7 billion of equipment and other assets sold through Ritchie Bros. auctions during 2014 transacted on Xcira’s ‘Online Ringman’ software platform,” Saligram said.
In its news release, Xcira emphasized its commitment to “serving all auction segments” and has plans to finalize partnerships with “auction companies in other industries” to aid in further building its technology platform.
Xcira plans to “operate business-as-usual under its current branding,” with the existing team continuing to offer the company’s services.