Private equity firm TA Associates has completed a majority investment in Accruent, a provider of real estate and facilities management software solutions.
Existing investor Vista Equity Partners will retain a significant ownership position. Additional terms of the investment were not disclosed.
Since 1995, Accruent has offered a facilities and real estate management system that delivers operational and financial performance for its customers. The company provides market planning, site selection, project management, lease administration, facilities and space management software that is purpose-built for specific industries to deliver greater customer value.
“Our four-year partnership with Vista Equity Partners allowed us to transform our company and products,” says Mark Friedman, founder and CEO of Accruent. “Our new partnership with TA Associates allows us to stay private and focused on our current strategy while leveraging TA’s global scale and deep industry expertise to provide our customers with even more long-term value.”
Over the last four years, Accruent has completed four strategic acquisitions to become the largest independent provider of real estate and facilities software. The customer base has grown from 400 to over 1,200 customers that use the company’s software in 56 countries.
“We’ve been tracking the evolution and growth of this category for years and Accruent has clearly emerged as the market leader,” says Hythem El-Nazer, a director at TA Associates who will join the company’s board of directors. “It is a very well-run company and we are excited to support the team’s current strategy and direction. We look forward to partnering with management and Vista Equity to build on Accruent’s success.”