United States – US firm MadDog Technology has acquired a 50% equity stake in The Scrap Post, a leading online marketplace for scrap dealers, brokers and consumers. The new partnership is to bid to ‘revolutionise’ the US$ 145 billion scrap industry through technology innovation and ‘unparalleled’ customer value.
Terms of the deal have not been disclosed but all of The Scrap Post’s employees will be retained. Entrepreneur Thomas Gotshall, a ‘technology industry veteran’ of more than 30 years, will oversee operations at Detroit-based The Scrap Post, which is hailed as one of the fastest-growing marketplaces for scrap players.
MadDog Technology’s managing director Robert Cell says the innovative, cloud-based scrap business is an established company with ‘tremendous potential’. Growth towards the ‘next level’ will be realised through focused investment and go-to-market expertise, he adds.