11.11.2014

IronPlanet acquires Kruse

IronPlanet has acquired online oilfield equipment auctioneers Kruse Energy and Equipment for an undisclosed fee.

Based in Odessa, Texas and Oklahoma City, Kruse will operate as a wholly-owned subsidiary of IronPlanet, maintaining its brand and employees. Co-founders David Long and Jim Richie will continue to operate and manage the business, with both joining IronPlanet’s executive committee.

IronPlanet chief executive Greg Owens said: “IronPlanet and Kruse together will give our oil and gas customers an integrated marketplace to manage their inventories more efficiently. IronPlanet will benefit from Kruse’s expertise and leading position in the industry, and likewise, Kruse will broaden its reach by leveraging our online technology marketplace and global buyer base. This combination strongly positions IronPlanet for further growth in the oil and gas industry, an area where we see significant growth potential.”

David Long, Kruse Energy and Equipment Auctioneers co-founder added: “We are proud to have provided the energy industry with the highest quality service possible and we look forward to continuing that tradition. IronPlanet gives us a great platform for growth as well as leading-edge technology that will help take our business to the next level.”
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