Accruent, Inc., the leading provider of enterprise contract management solutions, announced today that it has acquired Toronto, Canada-based Tequila Software.
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 NFG and our recent agreement to license and resell the Lucernex applications, Accruent now has the most complete real estate life-cycle management suite available on the market. We have brought together the leading suppliers and the leading solutions to create a single, strategic partner for the retail industry. Our retail customers have a vision for the future that demands new technology and a greatly expanded product footprint. We now move forward as one team, with the resources, technology and commitment to make it happen.”
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.