Ritchie Bros To Acquire SmartEquip For $175M - RB Global (NYSE:RBA)

Ritchie Bros Auctioneers Inc RBA has agreed to acquire SmartEquip for ~$175 million. SmartEquip is a multi-manufacturer platform that provides customers with real-time service and diagnostic support, dynamically customized, via serial number, to each asset in their fleet and enables the electronic procurement of parts from OEMs their dealers.
SmartEquip has 60 employees and will continue to operate as a standalone business.
Ritchie Bros expects the acquisition to enable it to offer asset-specific, full-lifecycle parts and service support on behalf of dealer and OEM partners to buyers.
SmartEquip will deepen IMS (inventory management system) connectivity and enable digital solutions at scale around inspections and ancillary services while optimizing search and advertising revenue streams.
Ritchie Bros Auctioneers held cash and cash equivalents of $442.7 million as of June 30, 2021.
Price Action: RBA shares are trading higher by 0.05% at $61.98 on the last check Monday.