AuctionAssist, which is our first acquisition under our new strategy, is a landmark transaction. It brings both significant potential to the Group as well as the considerable experience of Sieng Van Tran, CEO of AuctionAssist, whose recognised leadership in internet and technology based start-ups will play a key role in the implementation of the new strategy across all group companies.
(PRWEB) October 17, 2007
ArgentVive (LSE:ARGV) announces that, following the passing of the resolution at its Extraordinary General Meeting, the Group has completed on the acquisition of AuctionAssist®, the UKs leading eBay facilitator.
AuctionAssist is a leading provider of asset value recovery solutions for businesses, maximizing value by liquidating surplus assets direct to consumers through a number of online market places. The Board of ArgentVive believes that, with support and resources from ArgentVive, AuctionAssist will be able to develop quickly from an early stage e-Commerce business to become a major provider of technology based e-commerce solutions while at the same time offering significant potential synergies for the Group.
Mr. Sieng Van Tran has agreed to remain as CEO of AuctionAssist following the acquisition.
Commenting on the acquisition Kevin Fleming Finance Director stated: "AuctionAssist, which is our first acquisition under our new strategy, is a landmark transaction. It brings both significant potential to the Group as well as the considerable experience of Sieng Van Tran, CEO of AuctionAssist, whose recognised leadership in internet and technology based start-ups will play a key role in the implementation of the new strategy across all group companies."
Sieng Van Tran, CEO of AuctionAssist added: "We have become the largest seller of certain high ticket categories on eBay. Following completion of the deal with Argentvive, our aim is to become the largest seller of Major Appliances on eBay. High ticket items are a major growth opportunity for eBay and AuctionAssist has proven it can sell these in significant volumes. Being part of ArgentVive plc will further enhance the reputation of AuctionAssist as a safe place to shop for well-known branded goods at excellent prices. With the resources now in place, I am looking forward to expanding our service to other retailers, manufacturers and distributors, thus increasing our offering to consumers."
ArgentVive plc is an e-commerce group with market leading technology and the development capability, infrastructure and sales models to rapidly expand in B2B and B2C markets. The aim of the company is to develop online businesses in order to become a major provider of internet based solutions to enterprises across a wide range of industry.
ArgentVive plc is listed on the AIM market under the ticker symbol ARGV.
Established in 2004, AuctionAssist is an online trading facilitator which uses in-house market making systems and platforms to generate income from percentage commissions. The service enables companies to increase revenues and margins without impacting on their core sales channels. As a leading provider of asset value recovery solutions the company employs specially developed listing software to maximise the selling price of goods on behalf of its clients. This is achieved by creating dedicated niche marketplaces within sectors which are not represented by the other major online portals.