Accruent Acquires National Facilities Group
May 24, 2004
Accruent, Inc., the leading provider of enterprise contract management solutions, announced today that it has joined forces with Chicago-based National Facilities Group (NFG). Independently, the companies were the two largest providers of software and services for commercial real estate administration. The combined company will have the resources needed to offer customers an expanded range of enterprise contract management solutions. The terms of the agreement are confidential.
Since 1990, NFG has been a leading provider of commercial real estate administration systems and related consulting services. Its Strategic Lease Information Management (SLIM) software application is implemented throughout major corporations including Best Buy, Starbucks, Yum! Brands (Taco Bell, KFC, A&W, Long John Silvers and Pizza Hut), National City Bank, Regal Entertainment Group, Prudential, Talbots, Blockbuster, Roger’s Communications and AT&T Wireless. These companies use SLIM to manage and control the expenses associated with their extensive real estate portfolios. This is a contract management solution that delivers immediate bottom line impact. For example, Best Buy recently reported that SLIM helped save the company $4.6 million in potential rent overpayments in 2003, and $3.2 million in 2002.
"We serve a combined total of more than 300 major corporate clients that together reach just about every consumer in North America," states Ken Brown, president of NFG. "Our solutions are used to manage hundreds of millions, sometimes billions, of dollars in annual expenses. This gives us a strategic base from which to grow our portfolio of contract-based enterprise products and services to the Global 2000."
“Accruent is at the nexus of two emerging enterprise software markets,” states Accruent CEO Mark Friedman. “We are leaders in compliance management – providing customers with enhanced business processes to ensure total contract liability management in the Sarbanes-Oxley era, and in Total Occupancy Cost management – driving down “fixed costs” by proactively managing all workplace related expenses.”
“Accruent and NFG have been friendly rivals for many years. We share a mutual respect and have recognized that we can accomplish more, and provide greater value to our customers, by joining forces. This combination expands our customer and revenue base and will accelerate our pursuit of these emerging market opportunities. We will carry forward the real estate administration products and make Accruent's new flagship product, cmSuite, available to all our customers.”
Accruent’s flagship product, cmSuite is a complete suite of contract management solutions for the extended enterprise.
Founded in 1995, Accruent is the leading provider of contract management solutions for Global 2000 companies. Our solution enables companies to create a single view of all the contractual commitments that exist throughout their organizations. Accruent's contract management solution provides tangible business benefits to companies, including improved visibility, lower costs, reduced risk and exposure and streamlined contract creation. That's why more than 300 leading companies - including Bristol-Meyers Squibb, Chubb, Consolidated Edison, Eaton, Mellon Financial, Pfizer, Rite Aid, Siemens and Viacom - use Accruent solutions to boost profits and generate cash.