The Tokyo based Sumitomo Corporation has acquired a stake in EQUIPPO, a Swiss firm that organizes and operates an online full-service marketplace for used construction machinery in Europe, which is known to be the world’s largest market for used construction machinery.
The global market for used construction machinery is approximately USD 100 billion, of which Europe accounts for about USD 30 billion. Purchases and sales of used construction machinery have always faced obstacles as the lack of transparency regarding quality and the complexity of logistics procedures, and in Europe the obvious language barriers have generally meant that brokers or other middlemen have mediated these transactions. Technological developments have also brought about dramatic changes in the environment surrounding the construction machinery industry, with IoT utilization needs growing at an accelerating pace.
EQUIPPO, a Swiss online company, has developed a unique service and technical solution that facilitates efficient purchases and sales of used construction machinery by revolutionizing an online market offering. It is a safe, secure and convenient experience for both buyers and sellers and offers customers functions previously unavailable in conventional transactions: credible inspection results provided by independent inspectors, money-back guarantees, and logistics agency services. One of the company’s particular strengths is its in-house software development capabilities. EQUIPPO continues to build platforms that are easy for its customers to use.
“We are honoured that Sumitomo, one of the largest and worldwide renowned Japanese companies, has decided to become a strategic investor in our company and supports us actively in our global expansion”, says Michael Rohmeder, Founder and CEO of EQUIPPO. “Due to the international experience and network, the deep business and technological understanding, Sumitomo is the ideal partner for EQUIPPO. The investment evidences great vision on the future of our industry, and we share fundamental values like integrity and innovation.”
Sumitomo is a Fortune 500 enterprise with an annual turnover of CHF 49 billion and a revenue of CHF 2.8 billion in 2019.
Trading in used construction equipment has repeatedly to combat with complex processes, missing transparency and quality problems. This resulted into the fact that trading was almost solely possible through merchants, mediators or by auction. This traditional path has become obsolete by the technological enhancement and is changing the surrounding of the construction machinery sector in a fundamental way.
The Sumitomo Corporation Group is engaged globally in renting, selling and servicing construction machinery, and it is striving to become the “No. 1 One-Stop Solution Provider” enjoying high customer satisfaction around the world.
By investing in EQUIPPO, Sumitomo Corporation is seeking to utilise EQUIPPO’s platforms to focus on second-hand markets that have close affinity to its existing businesses, to respond more sensitively than ever to new and diverse needs, and to further expand and enhance the services it can provide to customers. By backing EQUIPPO’s business expansion and working to resolve the issues facing the construction machinery industry, Sumitomo Corporation will also contribute to improved social infrastructure and economic development.
EQUIPPO is a Swiss online company revolutionizing the used construction equipment industry by combining technology and business know-how to provide customers with excellent service in three channels: The EQUIPPO full-service marketplace ensures inspections, delivery and a money-back guarantee. The EQUIPPO auction facilitates purchases and sales of equipment in just a few hours. The EQUIPPO Private Sale guarantees convenient, fast and fair online transactions. The company is active in 55 countries. EQUIPPO was founded 2014 by Michael Rohmeder and Philipp Knobel and is located in Zug (Switzerland) with offices in Ilmenau (Germany), Zeebrugge (Belgium), Rotterdam (Netherlands) and Paris (France).
Sumitomo Corporation’s Material Issues
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to “the Development of Local Communities and Industries” and “Providing Diverse “Accessibility””.