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Adesa to buy auction software developer

June 27, 2008

Carmel-based auto auction Adesa Inc. said yesterday that it intends to buy the 82 percent of Live Global Bid Inc. it doesn't already own.

Headquartered in Moose Jaw in the Canadian province of Saskatchewan, Live Global Bid offers software Adesa uses to broadcast auctions over the Internet.

The sale price was not disclosed. Adesa said the deal will close Monday. It was not immediately clear how the acquisition would affect Adesa's local offices.

Nine-year-old Live Global Bid will be renamed LiveBlock Auctions International Inc., and continue providing services to Adesa and other customers.

A group of private equity funds took Adesa private in April 2007 for $3.7 billion.

Shortly after the acquisition, the investors brought back former Adesa executive James Hallett with a mandate to restore its entrepreneurial culture. Hallett, who was pushed out in 2005, has said the company lost that culture after going public in 2004.

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