TA Associates has completed a majority investment in Accruent, a provider of real estate and facilities management software. Existing investor Vista Equity Partners, which first invested in Accruent in December 2009, will retain a significant ownership position.
Accruent provides market planning, site selection, project management, lease administration, facilities and space management software that is purpose-built for specific industries. Over the last four years, Accruent has completed four strategic acquisitions to become the largest independent provider of real estate and facilities software. The customer base has grown from 400 to over 1,200 customers that use the company’s software in 56 countries. The company was founded in 1995 and is headquartered in Austin, TX and has offices in Santa Monica, CA; Evanston, IL; Calgary, AB, Canada and Columbus, OH (www.accruent.com).
“We’ve been tracking the evolution and growth of this category for years and Accruent has clearly emerged as the market leader,” said Hythem El-Nazer, a Director at TA Associates who will join the company’s Board of Directors. “It is a very well-run company and we are excited to support the team’s current strategy and direction. We look forward to partnering with management and Vista Equity to build on Accruent’s success.”
TA Associates makes buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. Since founding in 1968, TA has invested in over 430 companies globally and has raised more than $18 billion in capital. The firm was founded in 1968 and has offices in Boston, Menlo Park, London, Mumbai and Hong Kong (www.ta.com).
“Real Estate, Facilities and Site Management represent a large component of enterprise spend and a huge strategic lever,” said Jason Werlin, a Principal at TA Associates who will also join the company’s Board of Directors. “The market is fragmented and, until recently, solutions were either painful to implement or incomplete. Accruent’s ability to deliver enterprise class solutions with the ease of cloud deployment is a tremendous opportunity for organizations to unlock value by managing real estate assets in a more strategic manner.”
Vista Equity Partners has more than $7 billion in committed capital and makes equity investments in enterprise software businesses and technology-enabled services companies. The firm was founded in 2000 and has over 50 investment professionals operating out of Austin, Chicago, and San Francisco (www.vistaequitypartners.com).
“Our four-year partnership with Vista Equity Partners allowed us to transform our company and products,” said Mark Friedman, Founder and CEO of Accruent. “Our new partnership with TA Associates allows us to stay private and focused on our current strategy while leveraging TA’s global scale and deep industry expertise to provide our customers with even more long-term value.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-26-13