SAN FRANCISCO, May 18, 2016 /PRNewswire/ -- Genstar Capital, a leading middle-market private equity firm focused on investments in targeted segments of the software, healthcare, financial services, and industrial technology industries, today announced the acquisition of Accruent, the world's largest provider of real estate, facilities, and asset management software.
"It's an exciting time for Accruent and our customers. Our solutions are at work in thousands of companies around the globe and are influencing the lives of millions of people every day," said Mark Friedman, CEO and founder, Accruent.
"Genstar has a tremendous track record of partnering with management teams to take businesses to the next level," added John Borgerding, president, Accruent. "We are thrilled to be working with them to continue providing lasting value to our customers and career growth opportunities for our people."
Accruent's solutions solve the complex real estate and facilities challenges organizations face today. By offering solutions that span the entire real estate, facilities and asset management lifecycle, Accruent has grown its customer base to over 5,400 organizations. Customers include 40 percent of the top 100 retailers, 20 percent of the Fortune 500, 40 percent of the leading universities, all of the top five U.S. wireless carriers, 55 percent of U.S. hospitals, and leading service providers managing more than four billion square feet of real estate.
"Real estate and facilities are strategic drivers in the vast majority of organizations today and Accruent is the clear leader in the market," said Eli Weiss, Managing Director, Genstar Capital. "Accruent has demonstrated significant growth and momentum and the investment in Accruent is a perfect fit with Genstar's strategy to accelerate growth and maintain a long-term focus on value."
Lazard acted as financial advisor to Accruent.
Accruent helps real estate and facilities leaders deliver long-term, world-class operational and financial performance through industry-specific suites that deliver greater customer value. Accruent is headquartered in Austin with U.S. offices in Santa Monica, Evanston, Columbus, Pittsburgh and Boston. Outside of the U.S., Accruent has offices in Vancouver, BC; Burnaby, BC; Calgary, AB; Vaughan, ON; Reading, UK and Hong Kong. For more information, visit www.accruent.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $5 billion and targets investments focused on selected sectors within the software, healthcare, financial services, and industrial technology industries.
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SOURCE Genstar Capital