Sullivan Auctioneer Holdings Limited (SALT) has auctioned off its stake in the company DPA Auctioneers Limited (DPA) for $1.7m.
The Australian company was acquired by DPA in 2014, when it was founded by the former chief executive of the online auction site SALT.
The sale is subject to an internal review and will close in March 2019.
The company’s current CEO, Mark Bowerman, said he was proud of the transaction and was looking forward to working with the new owners.
“This acquisition will benefit both SALT and DPA,” Mr Bowermann said in a statement.
“It is important that we continue to support our partners, particularly in the technology sector, and it will benefit all of our stakeholders.”
The company is a small company with fewer than 100 employees and is based in Melbourne’s inner north.
Its shares have dropped over 80% over the last four years.