Accruent Announces Acquisition of Evoco
Acquisition brings best-in-class store construction project management for the retail industry.
Accruent, a provider of software used by many of the world’s leading corporations and institutions to manage their real estate and facilities, today announced that it has acquired Evoco, Inc. The acquisition will result in an expanded suite of Software-as-a-Service (SaaS) solutions for customers of both companies.
Evoco, based in Calgary, Canada, provides retail chains, including Luxottica (a leader in premium fashion, luxury and sports eyewear) with SaaS solutions to improve the time to revenue associated with complex store construction programs. Retailers use Evoco to control project expenditures and manage the many document exchanges that occur between external stakeholders, such as contractors, vendors, architects and engineers, and internal stakeholders, including project managers, finance, procurement and facilities management. Using Evoco, customers compress the time taken to plan, design and construct new locations, store expansions and remodels. Evoco’s largest customer is using Evoco to manage a $32 billion construction program, involving 2,500 stores in more than a dozen countries worldwide.
“The Evoco team and customers are a strategic addition to Accruent,” said Mark Friedman, chief executive officer of Accruent. “The acquisition illustrates our commitment to consolidate the best products, people and customers in the markets we serve. Evoco is the best-in-class solution for one of the most critical challenges faced by retailers, whose success turns on their ability to deploy capital as efficiently and effectively as possible to drive revenue. This is a primary focus of Accruent’s retail suite, and Evoco perfectly complements and extends our existing project management capability deep into the design and construction process.”
Evoco Chief Executive Officer and co-founder Alice Reimer said, “We’ve grown our business through an amazing customer base with world-class products and a strong emphasis on service and support. By joining forces with Accruent, we can accelerate and expand the capabilities we offer Evoco customers and introduce new products to the existing Accruent customers.” Reimer expressed her excitement about the future of the company, stating, “We are now part of the largest independent provider of real estate and facilities solutions. This is an exciting new chapter for the Evoco team where the boundaries of what is possible are dramatically redefined.”
The integration of Evoco operations into Accruent is expected to be completed during the first quarter of 2013, with key Evoco executives assuming leadership positions in the combined company. Support for Evoco and Accruent products continues without interruption. Accruent will make Evoco’s construction project management solution an integrated offering within its SaaS suite for the retail industry.