Liquidity Services Inc., an online auction marketplace for wholesale, surplus and salvage goods, will acquire the Geneva Group for $17 million.

Geneva is a British remarketer of customer returns and overstock merchandise.

"We believe the acquisition of the Geneva Group will enhance our business by enabling us to better serve existing customers in the U.S. with EU operations as well as provide us a strong platform to grow internationally." said Bill Angrick, chairman/ CEO of LSI, in a statement. "In turn, we believe that Geneva's current sellers and buyers will benefit from LSI's e-commerce platform, corporate infrastructure and innovative value added services to increase revenues and reduce costs."

The acquisition is expected to close within the next 90 days.