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Published on April 25, 2008

The Nation

The move came after the acquisition by GoIndustry of a stake in DoveBid, a global seller of capital-asset auction and valuation services with a transaction value of more than US$30 million (Bt945 million).

This deal established the enlarged group as the world's largest auctioneer of surplus industrial assets.

Thailand is one of 22 countries where GoIndustry-DoveBid has established operations. Other countries include Malaysia, Singapore, Hong Kong, China, Taiwan, the Philippines, Japan, India and Australia in the Asia-Pacific region.

The acquisition of DoveBid has the potential to significantly increase earnings in 2008.

GoIndustry-DoveBid's future plans include taking Thailand's online industrial bidding to another level, according to Rett Schmidt, GoIndustry-DoveBid's co-country manager for Thailand. "Expansion of ICT and electronic procurement policies in Thailand have also enhanced the country's online industrial auction market potential," he said.

Last year, the combined company had gross asset sales in Thailand of $13 million, representing more than 100-per-cent growth from 2006.

This year, GoIndustry-DoveBid plans to increase its brand awareness and presence in Thailand. The company highlighted the imminent launch of its new global website as a platform for the marketing of surplus industrial assets. The company has invested significantly in the development of the new website which it says will offer improved functionality, greater ease of use and true multi-lingual capabilities.

The acquisition will also bring management changes. Following a transitionary period, Schmidt will take on broader sales responsibilities in the Asia-Pacific region, while Supanit Chaiyawat will become the country manager of GoIndustry-DoveBid in Thailand.

Chaiyawat has experience in surplus industrial asset auctions and valuation services.