Accruent, a provider of real estate, facilities and asset management services and a portfolio company of Genstar Capital, has acquired Verisae, a provider of cloud-based services used by customers to connect their facilities with their maintenance and service functions through the Internet of Things. Verisae has been a portfolio company of Marlin Equity Partners since May 2012.
Verisae’s SaaS products are used to connect the facilities and assets of a company with the maintenance and service network used to manage asset and equipment maintenance, energy usage, and environmental sustainability. Customers of Verisae typically operate in the utilities, telecommunications, retail, manufacturing and service management industries. The company is headquartered in Minneapolis (www.verisae.com)
Accruent provides market planning, site selection, project management, lease administration, facilities and space management software that is purpose-built for specific industries. Accruent’s services are used in more than 5,800 organizations worldwide, including 40 of the top 100 retailers, 25 percent of the Fortune 500, 40 percent of leading universities, all 4 of the top US wireless carriers, and 55 percent of US hospitals. The company was founded in 1995 and is headquartered in Austin, TX (www.accruent.com). Genstar acquired Accruent from TA Associates in May 2016.
According to Accruent, managing the real estate and facilities lifecycle is second only to people as the largest expense item in enterprises today, and the cumulative annual spend is over one trillion dollars globally. For more than 20 years, the software to serve this market has been a collection of fragmented point solutions. Bringing together the ability to plan and execute, and proactively manage daily operations of real estate and facilities is revolutionary for the industry.
“With the addition of Verisae, Accruent is uniquely equipped to deliver game-changing customer value,” said John Borgerding, CEO, Accruent. “We can now help customers manage their complete facilities lifecycle from strategy to execution by connecting real estate and facilities to assets and service teams through the Internet of Things. The next-generation capabilities we are providing to customers drive step-function performance gains and enable them to deliver a transformative customer experience.”
“Our goal has always been to connect our asset management solutions with software that manages the real estate and facilities lifecycle,” said Jerry Dolinsky, CEO, Verisae. “By joining forces with Accruent, we will offer unprecedented scope – everything from long-term strategy and planning that spans years or even decades, through the real estate lifecycle including lease administration and construction project management, and through facilities management, field service and the real-time world of equipment monitoring and control.”
Genstar, which had a final close in August 2015 of its seventh fund with $2 billion in commitments, invests from $50 million to $400 million in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDAs greater than $15 million. Genstar targets investments in the financial services, software, industrial technology, and healthcare industries. The firm was founded in 1988 and is based in San Francisco (www.gencap.com).
Marlin Equity Partners, the seller of Verisae, invests in businesses that have revenues of $20 million to $1 billion and are in the process of undergoing varying degrees of operational, financial or market-driven change. Sectors of interest include technology, healthcare, consumer products and services, business services, manufacturing, aerospace & defense, distribution & logistics, and media. The firm has $3 billion of capital under management and is headquartered in Los Angeles with an additional office in London (www.marlinequity.com).
© 2016 Private Equity Professional • 9-27-16
