November 1, 2004 - Accruent, Inc., the leading provider of enterprise contract management solutions, announced today that it has acquired Toronto, Canada-based Tequila Software. The combined company serves more than 350 companies, 42 of the top 100 specialty store retailers and 20% of the Fortune 500. The terms of the agreement are confidential.
Since 1997, Tequila has helped retailers achieve competitive advantage by improving the management of their real estate assets. Its RetaiLease™ software application is implemented at more than 70 companies, including industry leaders such as Borders, GNC, Payless, Radio Shack, Staples and Zales. These companies use RetaiLease to manage expenses and achieve Sarbanes-Oxley compliance across their extensive real estate portfolios.
"Both our companies have proven solutions for lease administration. The new challenge is to provide next-generation solutions that deliver end-to-end management of the real estate lifecycle," states Michael Meltzer, president of Tequila. "By combining our companies we can accelerate delivery of our vision in partnership with our customers."
Meltzer will serve as Vice President Retail Solutions, and become Accruent’s primary liaison to the industry.
"I want to welcome Michael, his team, and all the Tequila customers to Accruent," said Accruent CEO Mark Friedman. "With this transaction, our earlier acquisition of
Accruent will continue RetaiLease™ support and development. As well, Tequila customers will benefit from cmSuite, Accruent’s broad suite of contract management solutions for the extended enterprise. Accruent’s strong real estate functionality has been adapted into a generalized contract management offering; in fact, Gartner recently placed Accruent in the “Leaders” quadrant in its upcoming “Integrated Workplace Management Systems (IWMS)-Magic Quadrant, 2004” report.
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 350 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.