Online industrial auction site DoveBid Tuesday announced its plans to acquire Minneapolis-based ZoneTrader. Terms of the financial agreement are being withheld.

Both Foster City, Calif.-based DoveBid and ZoneTrader work with large companies that are trying to unload equipment through online channels. Their major clients include Delphi Automotive, Dow Chemical Corporation, Eaton Corporation, Cummins, Ford Motor Company, and Lucent.

The acquisition of ZoneTrader also means DoveBid can launch its newest asset service offering, DoveBid Management Services. The idea is to let companies load assets on a private intranet for internal redeployment first, and then for resale to a public, global audience.

Customers will be able to access an array of asset management and disposition services including webcast auctions, featured online auctions, liquidations, private treaty sales, sealed bid auctions, asset management tools, and valuations worldwide.

"I am excited about DoveBid's ability to expand its product offering to include ZoneTrader's Asset Zone," says DoveBid chairman and CEO Ross Dove. "ZoneTrader has had great success and will help expand our client base of Global 4000 companies."

Dove says the combined company will have over 400 employees in 20 countries.