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TA Associates Acquires Auction Technology Group, Proxibid

TA Associates has acquired Auction Technology Group, an online platform for auctions across Europe and the United States, from ECI Partners and Proxibid, an online marketplace for connecting buyers and sellers across North America, from Primus Capital. Both transactions closed yesterday.

The companies will be brought under the ATG umbrella with headquarters in London, but will retain substantial operations in Omaha, Nebraska, where Proxibid is headquartered. As part of the transaction, ECI reinvested in the combined entity and now holds a minority stake.

“TA Associates is excited to bring together these two profitable and growing online businesses,” said Morgan Seigler, a Managing Director at TA Associates. “With their similar business models, technology and culture, as well as complementary geography and sector focus, we believe that Proxibid and ATG are an excellent match. In collaboration with ECI, we will aim to expand the businesses through both organic and acquisitive growth, and accelerated international expansion.” As part of this transaction, Mr. Seigler and Mr. Stefan Dandl, a Senior Vice President at TA Associates, will join the ATG Board of Directors. 

“We are thrilled to have been a partner with ATG through its growth over the past five years, and are excited to welcome TA Associates as an investor in the company,” said Tom Wrenn, a Partner at ECI Partners. “Market dynamics and the expected increases in online auction penetration will provide a strong backdrop for the continued growth of ATG’s digital marketplaces. In partnership with TA and the ATG management team, we look forward to building on this market opportunity to continue ATG’s impressive growth.”

Travers Smith LLP provided legal counsel and Alvarez & Marsal served as financial advisor to TA Associates; Squire Patton Boggs provided legal counsel and GCA Altium served as financial adviser to ECI.

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