Genstar Capital acquired real estate software company Accruent. In today’s climate, corporations are relying more on technology to help manage their real estate assets.
Accruent’s software provides site management, lease, project, facilities and asset management along with capital planning. The Austin, Texas-based target has more than 5,400 customers including retailers, universities, wireless carriers and hospitals. Earlier in 2016, Accruent acquired Mainspring Healthcare Solutions, which supplies software and technology products to U.S. hospitals. In another similar deal, GI Partners bought MRI Software LLC in 2015.
“Real state and facilities are strategic drivers in the vast majority of organizations today,” says Genstar managing director Eli Weiss. Lazard Ltd. (NYSE: LAZ) is advising Accruent.
The rise of Internet shopping has forced retailers collectively to take a look at their real estate holdings. Several, including Abercrombie & Fitch Co. (NYSE: ANF), American Apparel Inc. and Sears Holdings Corp. (Nasdaq; SHLD), have opted to close stores or restructure their real estate portfolios. American Apparel filed for bankruptcy in 2015.
PE firms have been investing in the software sector. Clearlake Capital Group LP will buy data protection software developer Vision Solutions Inc.; Warburg Pincus acquired a majority stake urgent-care software maker DocuTap; and Waud Capital Partners-backed CyberGrants LLC acquired volunteer management software company JK Group Inc.