UK based GoIndustry plc is acquiring DoveBid Inc in a pivotal deal which will create the world’s largest industrial machinery and equipment auctioneer.

GoIndustry CEO John Allbrook says 2008 will be another important year in the Company’s development following the announcement of the acquisition of DoveBid. During a global teleconference, Allbrook told employees worldwide, that with the acquisition now announced, GoIndustry will embark on a fast and effective integration process, which is expected to realise annual cost synergies of around GBP5 million.

“These are exciting times,” said Allbrook. “We are bringing together two great companies with a proud tradition in the surplus industrial machinery and equipment market. I am looking forward to welcoming all our new employees and to a successful future together as we continue to build the world’s leading asset sales and valuation services organisation.

“This is a truly transformational deal for our company that will give us a market leading position in the United States, Europe and Asia-Pacific regions. As one company, we are bigger, stronger and more focused, with a clear ambition to serve our customers and help them become even more successful.”

The enlarged group will operate in three business areas: Corporate Disposition, Disposals and Valuations Services.

“We want to maximize the expertise of all our employees and grow our company in markets across the globe,” continued Allbrook. “Our efforts will be channelled into building on the momentum we have already created and making sure that the enlarged group, which, going forward will be called “GoIndustry- DoveBid”, delivers on the full potential that this combination offers to our customers, employees, and shareholders.”

Completion of the acquisition is expected on 25 February 2008.