by Brianna Crandall — August 13, 2018 — Genstar Capital, a private equity firm focused on investments in targeted segments of the software, industrial technology, healthcare, and financial services industries, recently announced the signing of a definitive agreement to sell Accruent, a worldwide provider of physical resource and facilities management software solutions, to Fortive Corporation, a family of companies providing essential technology around the world. Fortive also announced the completion of its acquisition of Gordian.
James A. Lico, president and chief executive officer of Fortive, stated:
We are excited to acquire a premium software asset of scale with strong upsell and cross-sell capabilities across the resource management ecosystem. The complementary strengths of Accruent, Gordian and Fluke Digital Systems will create an industry-leading IOT portfolio consisting of connected devices, software enabled workflows, and data analytics.
Accruent is a global software company that helps organizations achieve superior performance by transforming how they manage their physical resources. The company combines deep domain and industry capabilities with an integrated, cloud-based framework that provides insights spanning the full life cycle of real estate, facilities and asset management. With over 1,100 employees, Accruent’s solutions are used by more than 10,000 global customers across a wide range of industries, assuring client organizations fulfill their mission by extending the lifecycle of assets, ensuring full compliance and reducing safety risks. The company’s strong business partner network spans more than 150 countries.
Accruent offers solutions in the areas of Capital Planning, computerized maintenance management systems (CMMS), Energy and Sustainability Management, Engineering Information Management, Facility and Asset Management, Field Service Management, Healthcare Technology Management, Internet of Things (IoT), Lease Administration and Accounting, Market Planning and Site Selection, Project Management and Space Planning.
Eli Weiss, managing director of Genstar, remarked:
We are proud of the platform that Accruent built to unlock the market potential of facilities management software. Genstar is pleased to have guided the company through strong growth and we are excited to see the continued success of Accruent as part of Fortive. This transaction continues what is a very active year for Genstar as we continue to invest in compelling new platform companies and realize exceptional value from our investments.
John Borgerding, chief executive officer of Accruent, commented:
We couldn’t be more excited to be a part of Fortive for the next chapter of Accruent’s growth. We appreciate Genstar’s outstanding partnership. Genstar has been deeply involved in defining our strategy, driving organic growth, and creating value for employees, customers, and shareholders. Under Genstar’s watch, the company has doubled in revenue, acquired nine companies, and rapidly expanded international growth.
Accruent was founded in 1995 by its founder and chairman, Mark Friedman. Friedman established the company’s strategy to address the second-largest expense for all organizations — namely, real estate, facilities and physical assets. Globally, organizations spend trillions of dollars on these assets, and the breadth and complexity of managing them requires software like Accruent’s to reduce mistakes and inefficiencies, says the company. The total addressable market for these solutions has grown in excess of $7 billion. “I am proud to have been a part of Accruent’s growth and helping customers solve mission-critical problems,” added Friedman.