The investment aims to finance the acquisition of BidSpotter Inc., a US-based leader in industrial and commercial online auctions. The acquisition will broaden ATG Media’s existing portfolio of auction platforms, which are designed to enable buyers to search catalogs and place bids over the internet in real-time, with features including live audio and video feeds.
BidSpotter.com will continue to be run from Seattle, Washington, with ATG Media’s UK team adding development and support resources to grow the brand internationally alongside its own auction sites, the-saleroom.com and i-bidder.com, which hosted 7,000 auction catalogs, held 4500 live and timed auctions and sold over £115m online in 2012.
Commenting on the acquisition, Anne Somers, CEO of ATG Media said: “BidSpotter Inc directly complements our existing auction sites and this marks an important step in ATG Media’s evolution.
“With bases in the USA and UK we will be truly international and better able to serve both buyers and sellers in the global auction market”., she added.
The company has already run BidSpotter’s UK website BidSpotter.co.uk for over 3 years.