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January 10, 2023
Vancouver, B.C.-based equipment auctioneer Ritchie Bros. acquired a controlling stake in transportation technology and services company VeriTread. Ritchie Bros. says the move will accelerate its marketplace strategy, which brings services, insights and transaction solutions together for a better customer experience. VeriTread, founded in 2013, provides open deck transport, connecting shippers and service providers. Its 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. Ritchie increased its stake in VeriTread from 11% to 75% with this acquisition.