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Online heavy equipment seller IronPlanet files for $92M IPO
Source: Silicon Valley / San Jose Business Journal
IronPlanet Inc., an online seller of used heavy equipment, on Thursday filed for a $92 million initial public offering, according to documents filed with the U.S. Securities and Exchange Commission.
The Pleasanton-based company is backed by Silicon Valley venture firms Accel Partners of Palo Alto and Kleiner Perkins Caufield & Byers in Menlo Park, as well as Caterpillar Inc., Komatsu Ltd. and Volvo.
According to the Kleiner Perkins description of IronPlanet, the company sells hundreds of millions of dollars worth of used construction and agricultural equipment via online auctions from around the world every year.
In the company’s filing, IronPlanet states its online marketplace in 2009 connected more than 1,600 unique sellers to more than 7,600 unique buyers from among 14,500 unique bidders located across 92 countries. Collectively, the buyers purchased approximately 30,000 individual pieces of equipment.
IronPlanet's profit rose to $12.9 million in 2009 from $1.9 million a year earlier while its revenue grew from $35 million in 2008 to $54.7 million in 2009, an increase of 56 percent.
About IronPlanet
IronPlanet is the world’s leading online auction company for used construction and agricultural equipment. Our sellers achieve more profitable sales through low transaction costs and better price realizations through a global audience of buyers. Our guaranteed inspection reports and exclusive IronClad Assurance enable buyers to bid with a high degree of confidence. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield and Byers, Caterpillar, Komatsu and Volvo. For more information, visit www.ironplanet.com.
