Ritchie Bros. takes controlling interest in VeriTread

Ritchie Bros. has acquired controlling interest in VeriTread - a business that specializes in technology platforms for heavy-haul transportation. Its products include a marketplace to list and quote shipments, an in-house brokerage, and proprietary freight estimator tools, among other offerings.

"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," Ritchie Bros. CEO Ann Fandozzi said in a press release

"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."

Ritchie Bros. held 11% of VeriTread prior to the acquisition.

It now holds 75%.