Accruent Announces Acquisition of Expesite
Successful acquisition strategy vaults Accruent into industry leadership position.
Accruent, the leading provider of real estate and facilities software, today announced that it has acquired Expesite. This is the seventh acquisition that Accruent has completed in executing its strategy to consolidate the best people and products, and positions Accruent as the largest provider of real estate and facilities software in the industry.
Based in Columbus, Ohio, Expesite provides a suite of SaaS solutions highlighted by VisionPM, its design and construction project management product. Expesite’s impressive customer list includes Wendy’s Company and Jo-Ann Fabrics and Craft Stores. More than 63,000 users in 72 countries use Expesite to manage over 470,000 construction projects.
“The addition of Expesite is a unique opportunity for Accruent,” said Mark Friedman, chief executive officer of Accruent. “Expesite brings an outstanding group of customers and industry partners, and the Expesite team has developed compelling solutions to streamline the complexities of the critical design construction and rollout processes for their global clients. This is a major step in our drive to deliver all our solutions in the SaaS environment.”
When combined with Accruent’s recent acquisition of Evoco, the addition of Expesite extends Accruent’s leadership position in retail to nearly 45% of the Top 100 Retailers, and vaults Accruent into a leadership position in the management of large-scale build programs for retail chains and franchise operations. These organizations require specialized systems that enable collaboration with partners and suppliers across hundreds, and sometimes thousands, of locations.
The combined company will serve more than 1,000 customers, and the acquisitions will contribute to Accruent’s planned 2013 revenue growth of approximately 50%. “Our strategy is achieving the results we envisioned,” Friedman continued. “We are leveraging synergies between the best in class solutions we’ve assembled and it has dramatically accelerated the rate at which we’re developing new products and delivering customer value.”
Commenting on the impact the acquisition will have on Expesite customers, Jeff Sopp, Expesite’s chief executive officer, said, “We base every decision on the best interests of our clients. Joining forces with Accruent clearly allows us to achieve the broad capability our clients require much sooner. Accruent is setting the pace for the industry, and we made this move to ensure our clients will have solutions that are second to none.”
The integration of Expesite operations into Accruent is expected to be completed during the first quarter of 2013, with key Expesite leaders assuming positions in the combined company. Support for Expesite and Accruent products continues without interruption.