Proxibid acquired cloud-based auction-management software firm Wavebid. Proxibid has been working with Wavebid since the latter’s founding in 2011 and will strengthen their partnership by bringing the Wavebid team and product suite into the Proxibid platform. In an email notifying customers, Proxibid said Wavebid would serve as the foundation for seller tools functionality in Proxibid’s Marketplace.
Proxibid’s Marketplace supports 16 categories including heavy equipment; industrial machinery; real estate; fine art; antiques and collectibles, and more. It also offers “Powered By,” a solution that enables sellers to integrate Proxibid’s marketplace technology into their own websites.
As a result of the acquisition, additional product development and customer support resources will be focused on further enhancing the Wavebid suite of products and customer experience, the companies said.
Wavebid will also serve as the foundation for seller tools functionality in Proxibid’s Powered By offering, which enables auction companies to leverage transaction, risk, payments, and inventory management technology within their own custom websites.
Today’s announcement comes on the heels of the launch of Sullivan Auctioneers’ eTractor.com, which offers live auctions, timed auctions, and an equipment marketplace, leveraging Proxibid’s Powered By solution.
“The acquisition of Wavebid is an important step for our company as we expand our platform’s footprint,” Proxibid CEO Ryan Downs said in the announcement. “The addition of Wavebid enables Proxibid to offer an end-to-end solution that can easily be integrated into an auction company’s website or enable partnerships with other auction marketplaces. We have always been impressed with Wavebid’s innovation and their longstanding commitment to the industry. We believe together with Wavebid’s founders, Russ Hilk and Michael Long, we are positioned to offer the most compelling set of tools to advance the capabilities of the auction industry.”
Wavebid will continue to grow relationships with marketplaces throughout the industry and serve all their customers regardless of platform. The Wavebid team will join Proxibid and will continue to operate from its headquarters in Minneapolis, MN.