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Ritchie Bros. Auctioneers and Caterpillar are strategic partners

Staff Writer |
Ritchie Bros. Auctioneers and Caterpillar have entered into a strategic alliance agreement.

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The strategic alliance is expected to deliver significant benefits to both companies, Caterpillar's independent dealers and their respective customers, continuing an accelerated delivery of Caterpillar's Internet of Things (IoT) connectivity offerings to improve customer fleet utilization.

Under the terms of the agreement, Ritchie Bros. will become Caterpillar's preferred global partner for live onsite and online auctions with respect to used Caterpillar equipment, and will complement Caterpillar's existing dealer channels.

Ritchie Bros. will provide Caterpillar and its dealers with access to proprietary auction platforms, software and other value-added services, thereby enhancing the exchange of information and services between customers, dealers and suppliers.

The strategic alliance is also expected to strengthen Ritchie Bros.' relationship with Caterpillar's independent dealers around the world by providing them enhanced and continued access to a global auction marketplace to sell their used equipment.

Ritchie Bros. also announced today that it has reached an agreement to acquire IronPlanet, a leading online marketplace for used heavy equipment and other durable asset sales, of which Caterpillar and its dealers own a minority position.

The combined company will deliver a multi-channel marketplace that will provide a full range of equipment asset management and disposition solutions.

The new strategic alliance between Ritchie Bros. and Caterpillar replaces and expands on existing agreements in place between Caterpillar, its dealers and IronPlanet.

The new strategic alliance will become effective when Ritchie Bros. completes its acquisition of IronPlanet, which is subject to regulatory clearances and the satisfaction of other customary closing conditions.

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