Auction Technology Group, which is backed by ECI Partners, has acquired German online art and antiques marketplace Lot-tissimo.
Lot-tissimo was founded in 2002 by Jörg Wisniewski and is based in Hamburg, Germany. It initially focused on auctions in Germany and Austria but now lists art and antiques auctions from all over Europe on its website.
ECI backed Auction Technology Group (ATG) in 2014 in a secondary management buyout.
The acquisition of Lot-tissimo will build on an already close relationship between the two businesses. In 2010 Lot-tissimo launched its own Live Bidding service using technology provided by ATG and the acquisition will enable the combined businesses to invest further in technology and streamline processes.
John-Paul Savant, CEO of ATG, said: “We at ATG are delighted that Lot-tissimo is now part of the wider Auction Technology Group. ATG and Lot-tissimo have worked together for many years and our senior management including Richard Lewis, Anne Somers and Simon Berti have worked with Jörg since 2010. We are confident that this personal connection will contribute to the success of this acquisition and our combined businesses will be able to invest even more heavily in technology and spend more on marketing to bring even more bidders.”
Jörg Wisniewski, the founder of Lot-tissimo, added: “Lot-tissimo and ATG have worked together since 2010 and being fully part of their group will enable us to develop further functionality for our clients and to streamline and integrate some of the processes. We will offer a truly global opportunity to extend the reach of auctions to more bidders.”