Sold! GovDeals goes for $10 million

GovDeals, the online auction marketplace for the sale of surplus and confiscated items for local and state government entities, has been purchased by Washington, D.C.-based Liquidity Services Inc. (LSI) for approximately $10 million. The GovDeals’ Web site look and feel will remain the same, and LSI will retain the current GovDeals management team and employees post closing. The acquisition was expected to close in January.

GovDeals, which has been endorsed by the NCACC, currently serves more than 1,500 governmental entities – roughly 220 of which are in North Carolina, including more than 50 counties.

“We believe that the acquisition of GovDeals is a natural complement to our organization and a winning proposition for LSI’s and GovDeals’ established network of sellers and buyers,” said Bill Angrick, chairman and CEO of LSI. “These sellers will benefit from the opportunity to leverage LSI’s technology, innovative value-added services and existing buyer base for government surplus assets. The demonstrated expertise of GovDeals in understanding and meeting the needs of its customers will help further establish LSI as the leading marketplace for the sale of surplus and salvage assets to a growing base of professional buyers and government agency sellers.”