CLEVELAND, OH – August 18, 2015 – Primus Capital Fund VII (“Primus”) today announced it has made a significant growth investment in Proxibid (www.proxibid.com), an online marketplace for buying and selling highly valued items.
Proxibid’s robust online platform connects buyers and sellers across all inventory classes, from classic cars to heavy construction equipment and industrial machinery, and everything in between. The Company’s unique selling methodology, the AssetPath®, ensures assets are presented in a manner reflective of the urgency to sell, leveraging traditional ecommerce, timed auctions, and immediate liquidation via live auction.
The investment by Primus will allow Proxibid to invest heavily in product development, further enhancing the user experience for buyers and sellers in the Proxibid Marketplace. Additionally, the Company will invest in expanded sales and marketing initiatives to drive brand engagement. Proxibid will begin aggressively promoting its new Buy Now and Make Offer capabilities, which allow sellers even more flexibility to sell how they want, when they want, to further transform their businesses.
“We are impressed with Proxibid’s strong leadership team, the Company’s commitment to the Proxibid Marketplace security, its world-class technology solution, and its ability to attract strong strategic partners. We are particularly excited about Proxibid’s compelling vision for the future as the Company brings new products and services to market that will change the way asset owners liquidate and acquire inventory across categories,” said Ron Hess, Director of Primus. “Proxibid’s business model, growth opportunity, transaction and security DNA, and high integrity are exactly what we look for in investment opportunities. We are confident that our partnership will further Proxibid’s position as a market leader and will accelerate its effort to become a utility for the web, unlocking ecommerce for assets that historically have been challenging to buy and sell online.”
Proxibid is the only online provider in the industry to offer a comprehensive risk management system – MarketGuard™, a sophisticated hybrid of proprietary technology and third-party partnerships managed by an in-house team of experts -designed to facilitate high dollar transactions. APN, the Company’s payment solution, completes the interaction by ensuring all Proxibid-powered transactions are secure, making the Proxibid Marketplace the safest place to transact online. More than 12,000 sales events take place in the Proxibid Marketplace annually, and more than 10,000 new buyers join the Proxibid Marketplace each month. The site is 100 percent PCI compliant, which when combined with its enterprise-level technology and infrastructure, boasts a 99.9+ percent uptime. Proxibid recently announced a partnership with eBay whereby inventory in the Proxibid Marketplace will soon be represented to eBay’s 157 million global buyers, increasing exposure for sellers and providing eBay buyers with access to items previously unavailable.
“The expertise Primus brings in financial technology and software solutions will be extremely valuable as we continue to expand our product offering,” said Ryan Downs, President and CEO of Proxibid. “Primus understands our vision for the future, and will help us execute new strategies, allowing our business to realize its true potential. We are looking forward to working with the Primus team as we move ahead.”
About Primus Capital
Primus Capital is a Cleveland-based, private equity firm that invests in established, high-growth companies within the healthcare, software, technology-enabled services, and education industries. Founded in 1983 and currently investing Primus Capital Fund VII, Primus has invested in over 100 growth companies. Transaction types include buyouts, recapitalizations and growth equity investments. For more information, please visit www.primuscapital.com.
Proxibid provides auction companies and asset owners with access to the most trusted online marketplace for buying and selling highly valued items. More than $3 billion in inventory passes through Proxibid’s Marketplace annually via live and timed auctions, as well as Buy Now and Make Offer capabilities, across 15 categories that include heavy equipment, industrial machinery, real estate, fine art, antiques and collectibles, and more.
Founded in 2001, Proxibid is headquartered in Omaha, NE with offices in South Sioux City, NE and London. For more information about Proxibid, please visit www.proxibid.com.