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Liquidity Services

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Liquidity Services
Nasdaq: LQDT
S&P 600 component
IndustrySurplus asset management
E-commerce
Founded1999; 25 years ago (1999)
FoundersWilliam P. Angrick III
Jaime Mateus-Tique
Ben Brown
Headquarters
Bethesda, Maryland
,
United States
Key people
William Angrick III (CEO)
BrandsGoIndustry DoveBid
GovDeals
IronDirect
Machinio
Network International
Liquidation.com
Secondipity
sierraauction.com
Number of employees
687
Websiteliquidityservices.com

Liquidity Services (NASDAQ:LQDT) operates a network of e-commerce marketplaces.

Its online auction marketplaces include: Liquidation.com,[1] GovDeals.com,[2] Network International, GoIndustry DoveBid, IronDirect, Machinio, and Secondipity.com.[3]

The company is based in Bethesda, MD.[4] It has warehouses and offices throughout the world.

Liquidity Services’ annual revenue totaled $270 million for the fiscal year ending in September 2017. It is listed on the NASDAQ stock exchange under the symbol LQDT and completed its initial public offering (IPO) in 2006.

History

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Liquidity Services was co-founded by William P. Angrick III, Jaime Mateus-Tique, and Ben Brown in 1999. It was branded as Liquidation.com and was a B2B auction marketplace that connects sellers to buyers.[5] The platform allowed retailers to resell retail returns and overstock[6] and enabled buyers to access bulk lots of surplus merchandise.[7] In 2001, the company acquired SurplusBid.com, which included a contract with the United States Department of Defense.[8]

The company's Initial public offering (IPO), valuing the business at $76.9M,[9] took place on February 23, 2006, and the company began trading on the NASDAQ stock exchange under the symbol LQDT.[10] Prior to going public, Liquidity Services opened online auctions for European corporations and government agencies to sell their surplus goods on the international market.[11]

Between 2008 and 2011, Liquidity Services acquired four new marketplaces: Network International, GovDeals, TruckCenter.com, and the remarketing business of Jacobs Trading Company.[12] In 2012, it acquired GoIndustry DoveBid, a provider of surplus asset management, auction, and valuation services.[13]

In 2015, the company lost two large contracts. Walmart terminated its deal with Liquidity Services, and the company lost a bidding war for the right to sell the Department of Defense's surplus tanks, trailers, and other vehicles.[14] Liquidity Services holds the DoD's scrap property contract.[15]

In September 2016, Liquidity Services launched IronDirect.com,[16] an online marketplace selling large construction equipment.[17]

In July 2018, Liquidity Services acquired Machinio.com,[18] an online platform for used equipment listings.

On March 25, 2020, in response to the COVID-19 pandemic, Liquidity Services announced "business contingency plans" in reaction to "an adverse impact on its financial condition and results of operations."[19]

Services

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Liquidity Services’ online marketplaces include: Liquidation.com,[20] Secondipity.com,[3] GovLiquidation.com,[21] GovDeals.com,[2] Network International, GoIndustry DoveBid, and IronDirect. They offer over 500 product categories[22] organized into categories across 12 major industry verticals: government, energy, construction and mining, transportation, industrial manufacturing, biopharmaceuticals, electronics manufacturing, consumer goods and OEMs, automotive manufacturing, retail,[23] fast-moving consumer goods, and aerospace and defense.

References

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  1. ^ Lopez, Sandy. "Business lets customers purchase other stores' surplus online, pick up at North Las Vegas warehouse". Review Journal. Las Vegas Review Journal. Retrieved 26 June 2017.
  2. ^ a b Nguyen, Jason (16 February 2017). "Good deals from the government: How to buy surplus items online". KATU. Retrieved 30 June 2017.
  3. ^ a b Harte, Tricia (16 January 2017). "Where do all the Christmas returns go?". Fox 59. Retrieved 30 June 2017.
  4. ^ "Online shopping drives surge in holiday returns, and what happens next may surprise you". The Star. Retrieved 17 July 2017.
  5. ^ Richardson, Karen. "Supply chain gains". kellogg.northwestern.edu. Retrieved 26 June 2017.
  6. ^ Swiatek, Jeff. "Where do returned gifts end up? Probably Plainfield". IndyStar. Retrieved 26 June 2017.
  7. ^ Bhattarai, Abha. "Capital Business After shoppers return items, some buyers try selling them again". Washington Post. Retrieved 30 June 2017.
  8. ^ Reeves, Scott. "An IPO For The Scrap Heap". Forbes. Retrieved 23 June 2017.
  9. ^ "Liquidity Services Inc. (Liquidity Services, Inc.) Initial Public Offering". IPO Find the Company. Retrieved 26 June 2017.
  10. ^ "Liquidity Services Inc. (Liquidity Services, Inc.) Initial Public Offering". Find the Company. Retrieved 26 June 2017.
  11. ^ Ramstack, Tom. "Liquidity Services Fosters Growth". press reader. The Washington Times. Retrieved 26 June 2017.
  12. ^ "Liquidity Services to acquire remarketing business of Jacobs Trading". BizJournals. Washington Business Journal. Retrieved 26 June 2017.
  13. ^ Steiner, Ina. "Liquidity Services Buys UK's GoIndustry DoveBid". Ecommerce Bytes. Retrieved 26 June 2017.
  14. ^ Moore, Tad. "D.C.-based Liquidity Services takes stock of its own business". Washington Post. Retrieved 26 June 2017.
  15. ^ "Liquidity Services Awarded New Scrap Contract With The U.S. Department Of Defense". The Street. Retrieved 26 June 2017.
  16. ^ "Introducing IronDirect.com". Constructionequipment.com. Retrieved 27 March 2017.
  17. ^ Gruver Doyle, Marcia (15 September 2016). "Rising from ICP's ashes, IronDirect wants to be the Amazon of construction equipment". Equipment World. Big Iron Dealer. Retrieved 30 June 2017.
  18. ^ "Press Release | Liquidity Services". investors.liquidityservices.com. Retrieved 2018-08-22.
  19. ^ "Document".
  20. ^ Levey, Brandon. "Rid Your Business of Zombie Stock Before the Holidays". Entrepreneur. Retrieved 10 July 2017.
  21. ^ Censer, Marjorie. "Fort Meade acts as warehouse site for 'eBay for the Pentagon'". Washington Post. Retrieved 10 July 2017.
  22. ^ "Liquidity Services: Hidden Growth Comes To The Surface". Seeking Alpha. Retrieved 26 June 2017.
  23. ^ Aviles, Candice; Williams, Lydia (17 August 2016). "Indiana's returned-merchandise mecca". theindychannel. Retrieved 30 June 2017.
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