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Liquidity Services

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Liquidity Services is an American corporation which works with corporate and government agencies to manage and sell their surplus assets and excess inventory.[1] Surplus and overstock goods are sold on Liquidity Services’ online marketplaces. The global company is based in Washington, DC.[2]

History

Liquidity Services was co-founded by William P. Angrick III, Asad Haroon, and Jaime Mateus-Tique in 1999. It was branded as Liquidation.com, and was a B2B auction marketplace that connects sellers to buyers.[3] The platform allowed retailers to resell retail returns and overstock[4] and enabled buyers to access bulk lots of surplus merchandise.[5] In June 2000, Liquidity Services received $11.2 million in venture-capital funding from Europ@web.[6] In 2001, the company acquired SurplusBid.com, which included a contract with the United States Department of Defense.[7]

The company’s Initial public offering (IPO), valuing the business at $76.9M,[8] took place on February 23, 2006, and the company began trading on the NASDAQ stock exchange under the symbol LQDT.[9] Prior to going public, Liquidity Services opened online auctions for European corporations and government agencies to sell their surplus goods on the international market.[10]

Between 2008 and 2011, Liquidity Services acquired four new marketplaces: Network International,[11] GovDeals,[12] TruckCenter.com,[13] and the remarketing business of Jacobs Trading Company.[14] In 2012, it acquired GoIndustry DoveBid, a provider of surplus asset management, auction and valuation services.[15]

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 Defense Department’s surplus tanks, trailers, and other vehicles.[16] Liquidity Services holds the DoD’s scrap property contract.[17]

In September 2016, Liquidity Services launched IronDirect.com,[18] an online marketplace selling large construction equipment.[19]

Services

Liquidity Services’ online marketplaces include: Liquidation.com,[20] Secondipity.com,[21] GovLiquidation.com,[22] GovDeals.com,[23] Network International, GoIndustry DoveBid, and IronDirect. They offer over 500 product categories[24] 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[25],fast-moving consumer goods, and aerospace and defense.

Environment

Liquidity Services works with the US federal government to divert scrap material from landfill, and supports clients with zero-waste initiatives.[26]

Awards and recognition

  • Defense Logistics Agency’s Vendor Excellence Award[27]
  • CEO Bill Angrick named finalist for the Ernst & Young Entrepreneur of the Year
  • Honors Laureate for Sustainability by Computerworld[28]
  • Asset Disposal Firm of the Year[29]
  • 2013, America’s Best Small Companies- Forbes, #79[30]
  • Top Technology Innovator[31]
  • Top 25 Growing Tech Companies- Forbes[32]
  • Washington Post Top 200 Companies[33]
  • 100 Great Supply Chain Projects.[34]

References

  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. ^ Kopun, Francine. The Star https://www.thestar.com/business/2017/01/15/online-shopping-drives-surge-in-holiday-returns-and-what-happens-next-may-surprise-you.html. Retrieved 30 June 2017. {{cite web}}: Missing or empty |title= (help)
  3. ^ Richardson, Karen. "Supply chain gains". kellogg.northwestern.edu. Retrieved 26 June 2017.
  4. ^ Swiatek, Jeff. "Where do returned gifts end up? Probably Plainfield". IndyStar. Retrieved 26 June 2017.
  5. ^ Bhattarai, Abha. "Capital Business After shoppers return items, some buyers try selling them again". Washington Post. Retrieved 30 June 2017.
  6. ^ "Liquidity Services". Crunchbase. Retrieved 27 March 2017.
  7. ^ Reeves, Scott. "An IPO For The Scrap Heap". Forbes. Retrieved 23 June 2017.
  8. ^ "Liquidity Services Inc. (Liquidity Services, Inc.) Initial Public Offering". IPO Find the Company. Retrieved 26 June 2017.
  9. ^ "Liquidity Services Inc. (Liquidity Services, Inc.) Initial Public Offering". Find the Company. Retrieved 26 June 2017.
  10. ^ Ramstack, Tom. "Liquidity Services Fosters Growth". press reader. The Washington Times. Retrieved 26 June 2017.
  11. ^ "Liquidity Services to Acquire Network International". Gov Con Executive. Retrieved 26 June 2017.
  12. ^ Welsh, William. "Liquidity Services to buy GovDeals". Washington Technology. Retrieved 26 June 2017.
  13. ^ Steiner, Ina. "Liquidity Services Acquires TruckCenter.com". Ecommerce Bytes. Retrieved 26 June 2017.
  14. ^ "Liquidity Services to acquire remarketing business of Jacobs Trading". BizJournals. Washington Business Journal. Retrieved 26 June 2017.
  15. ^ Steiner, Ina. "Liquidity Services Buys UK's GoIndustry DoveBid". Ecommerce Bytes. Retrieved 26 June 2017.
  16. ^ Moore, Tad. "D.C.-based Liquidity Services takes stock of its own business". Washington Post. Retrieved 26 June 2017.
  17. ^ "Liquidity Services Awarded New Scrap Contract With The U.S. Department Of Defense". The Street. Retrieved 26 June 2017.
  18. ^ "Introducing IronDirect.com". Constructionequipment.com. Retrieved 27 March 2017.
  19. ^ Gruver Doyle, Marcia. "Rising from ICP's ashes, IronDirect wants to be the Amazon of construction equipment". Equipment World. Big Iron Dealer. Retrieved 30 June 2017.
  20. ^ Levey, Brandon. "Rid Your Business of Zombie Stock Before the Holidays". Entrepreneur. Retrieved 10 July 2017.
  21. ^ Harte, Tricia. "Where do all the Christmas returns go?". Fox 59. Retrieved 30 June 2017.
  22. ^ Censer, Marjorie. "Fort Meade acts as warehouse site for 'eBay for the Pentagon'". Washington Post. Retrieved 10 July 2017.
  23. ^ Nguyen, Jason. "Good deals from the government: How to buy surplus items online". KATU. Retrieved 30 June 2017.
  24. ^ "Liquidity Services: Hidden Growth Comes To The Surface". Seeking Alpha. Retrieved 26 June 2017.
  25. ^ Aviles, Candice; Williams, Lydia. "Indiana's returned-merchandise mecca". theindychannel. Retrieved 30 June 2017.
  26. ^ Sandoval, Dan. "Goin Once, Going Twice..." Recycling Today. Retrieved 26 June 2017.
  27. ^ Freeman, Ruth. "Government Liquidation Site Wins Defense Logistics Agency Award". WashingtoExec.com. WashingtoExec. Retrieved 23 June 2017.
  28. ^ "Computerworld Honors 2013: Tech projects that are changing the world". ComputerWorld.com. Retrieved 23 June 2017.
  29. ^ "Liquidity Services Named Asset Disposal Firm Of The Year By ACQ Magazine; Wins Leading Valuation Awards In Europe". street.com. Business Wire. Retrieved 23 June 2017.
  30. ^ "Forbes Best Small Companies". Forbes.com. Forbes. Retrieved 23 June 2017.
  31. ^ "Liquidity Services Earns Spot On The 2013 InformationWeek 500 List Of Top Technology Innovators Across The U.S." Street.com. The Street. Retrieved 23 June 2017.
  32. ^ Geron, Tomio. "America's Fastest Growing Tech Companies 2013". Forbes.com. Retrieved 23 June 2017.
  33. ^ "Post 200". washingtonpost.com. Washington Post. Retrieved 23 June 2017.
  34. ^ "Meet the 2013 "SDCE 100" Winners Honored in our Annual Awards Program". sdcexec.com. Retrieved 26 June 2017.
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