Proxibid, the most trusted platform for connecting buyers and sellers of high-value items, announced its acquisition of Wavebid, the industry’s leader in innovative, cloud-based auction management software. Proxibid and Wavebid have worked together since Wavebid’s inception and are excited to strengthen their partnership by bringing the Wavebid team and product suite into the Proxibid platform. As a result of this acquisition, additional product development and customer support resources will be focused on further enhancing the Wavebid suite of products and customer experience. Wavebid will also serve as the foundation for seller tools functionality in Proxibid’s Powered By offering, a solution which enables auction companies to leverage transaction, risk, payments, and inventory management technology within their own custom websites.
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“We are very eager to join the Proxibid team and accelerate the roll-out of the latest Wavebid products and features,” said Russ Hilk, Founder and CEO of Wavebid. “I am even more excited about Wavebid’s role in the Powered By offering as this is an opportunity second-to-none to help shape a critical inflection point in the auction industry; offering the branding, flexibility, and customization auction companies have been asking for with the scale and support of a platform partner. Personally, this is why I started Wavebid – so I can bring the most innovative technology to the auction industry that I love.”
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This news 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 addition of Wavebid to the Powered By product suite provides auction companies with the most comprehensive online auction solution available in the industry.
“The acquisition of Wavebid is an important step for our company as we expand our platform’s footprint,” said Ryan Downs, President and CEO of Proxibid. “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.”
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