According to a press release, Sumitomo has invested a “significant sum” in the Zug-based online marketplace Equippo. Used construction machinery can be bought and sold via the Equippo platform. The digitalization of trade should ensure greater transparency and facilitate money-back guarantees in addition to a global supply chain, for example. Equippo is heavily involved in software development, with the platform said to be intuitive and easy to use for customers.
With its long-term, strategic partner Sumitomo, Equippo is now intending to further scale its business. The company is already active in 55 countries and boasts a global market volume of 100 billion US dollars, of which 30 billion dollars are attributable to the European market. Equippo is now said to be targeting European market leadership.
The Sumitomo Group operates globally in the rental, sale and maintenance of construction machinery. According to current information, with this investment, the corporate group now intends to leverage the Equippo platform “in order to develop a greater focus on the second-hand market, as this is closely aligned with its existing business”.