Washington Business Journal Recognizes LSI’s Growth for Second Consecutive Year
WASHINGTON–(BUSINESS WIRE)–
Liquidity Services Inc. (LSI), a leading online auction
marketplace for wholesale surplus and salvage assets, was recognized
by The Washington Business Journal as one of the 50 fastest growing
companies in Greater Washington. Recognized for the second consecutive
year, LSI received the honor at an evening awards reception held
October 2 at the National Press Club in Washington, DC.
LSI more than doubled its revenue from 2005 to 2007 with growth
stemming from increased demand for the company’s online auction
marketplace and related services in both the commercial and government
sectors. In addition to revenue growth, LSI grew its Gross Merchandise
Volume (GMV), or total sales, from $102 million in 2005 to $234
million in 2007 by attracting a critical mass of small business buyers
to it marketplaces including www.liquidation.com,
www.govliquidation.com, and www.liquibiz.com. During the 12 months
ended June 30, 2008, LSI recorded GMV of $318 million, or
approximately 67% growth versus the prior year period.
“LSI’s outstanding growth demonstrates that large organizations
are increasingly relying on our online platform and service offerings
to realize greater returns and efficiencies in the tracking and sale
of surplus and end-of-life assets,” said Bill Angrick, Chairman and
CEO of LSI. “Our team continues to strengthen LSI’s customer value
proposition and grow our market share in the commercial, government
and international market sectors. Our online marketplaces, such as
www.liquidation.com, www.govdeals.com and www.govliquidation.com,
offer commercial and government sellers and buyers a valuable solution
to sell and purchase goods in over 500 product categories.”
The Washington Business Journal selected companies based upon
three-year revenue-growth percentage. In addition to high growth
rates, companies must have had 2005 revenue of more than $2 million
and 2007 revenue of more than $10 million in order to be eligible.
Participants in the survey were based in the metropolitan Washington
D.C. region.
About Liquidity Services, Inc. (LQDT)
Liquidity Services, Inc. (NASDAQ:LQDT) and its subsidiaries enable
corporations and government agencies to market and sell surplus assets
and wholesale goods quickly and conveniently using online auction
marketplaces and value-added services. The company is based in
Washington, D.C. and has 685 employees. Additional information can be
found at: www.liquidityservicesinc.com.
Source: Liquidity Services Inc. (LSI)
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