Ritchie Bros. acquires transportation tech company
Jeff Cox Jr. developed VeriTread for his heavy haul company in 2013.
Heavy equipment waits to be sold at auction. – Ritchie Bros.
The industrial auction house stated that the acquisition will accelerate its marketplace strategy, which brings services, insights, and transaction solutions together to improve the overall customer experience. VeriTread, founded in 2013, has experience in building heavy haul transportation platforms and solutions for industrial equipment, vehicles, and other assets.
“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 is designed to be an efficient and reliable solution for open deck transport, connecting shippers and service providers with simple yet powerful technology. The company’s products include a marketplace for listing and quoting shipments, an in-house brokerage to handle complex and urgent freight deliveries, detailed equipment specifications and proprietary freight estimator tools, and more.
“VeriTread is thrilled to become a bigger part of the Ritchie Bros. marketplace, helping customers and the company transport equipment more efficiently,” said Jeff Cox, founder, president and CEO of VeriTread. “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.”
Previously Ritchie Bros. owned 11 per cent of VeriTread. With this acquisition, it has increased its stake to 75 per cent.