AMTdirect Announces the Acquisition of NETfacilities
Combination creates single lease and facilities management platform with built in FASB compliance across property and equipment leases
CHARLOTTE, N.C., Sept. 25, 2018 /PRNewswire/ -- AMTdirect, LLC ("AMTdirect"), a leading provider of lease administration and lease accounting solutions backed by Luminate Capital Partners, today announced that it has acquired Los Angeles, California-based NETfacilities, Inc. ("NETfacilities").
NETfacilities is a leading provider of facilities management software to multiple industries, including healthcare, education, and hospitality. Its cloud-based software enables organizations to receive and complete work orders, track maintenance activities, monitor assets, execute preventative maintenance, manage vendors, and compare performance across facilities.
"NETfacilities is a perfect fit for our vision of providing customers with end-to-end capability of both contract and operational management of their property and equipment," said Scott Schubert, CEO of AMTdirect. "The NETfacilities team has developed the best-of-breed facilities management solution that our customers have been looking for."
The addition of the NETfacilities' solution will provide customers with additional insights into their property portfolios and ultimately allow them to operate the properties more efficiently at a lower cost. The integration of the platforms over time will allow for seamless management from lease through management of facilities and equipment, including the automated management of complex accounting requirements throughout the asset lifecycle.
Dan Schubert, President of AMTdirect added, "Our customers have been asking us to deliver a high-quality facilities management system. NETfacilities exceeds what we've seen in the market and we are excited to offer this to our customers in conjunction with our industry leading lease management and accounting software."
"We are very excited to be partnering with AMTdirect," said Shawn Dawson, CEO of NETfacilities. "We share AMTdirect's passion for serving customers and believe that our customers and employees have found a great home with AMTdirect. The combined businesses with the backing of Luminate Capital will be able to deliver even more innovation and reach many more customers."
"Since our investment in AMTdirect last year, we have worked with the Company to create a strategic product roadmap and facilities management quickly jumped to the top of our list," said Mark Haidet, Operating Partner at Luminate Capital and Chairman of AMTdirect. "The opportunity to acquire NETfacilities allows us to accelerate this capability and continue investing in other areas on the strategic plan. We expect this to be the first of many acquisitions for the Company," added Sanjay Palakshappa, Principal at Luminate and Director at AMTdirect.
NETfacilities will continue to operate as usual with no interruption to support or services as integration is completed. Both AMTdirect and NETfacilities customers will receive information about products and special pricing for current customers to expand their solution.
About NETfacilities
NETfacilities is a leading facility management software company. Its cloud-based solutions help organizations manage multi-site maintenance operations. The solution enables maintenance teams to operate more efficiently through work order tracking, asset monitoring, vendor management, and multi-property reporting. NETfacilities is headquartered in Los Angeles, CA. To learn more visit www.netfacilities.com/.
About AMTdirect
AMTdirect is a leading lease administration and lease accounting software company. AMTdirect's cloud-based solutions help America's leading organizations build a timely, highly accurate and actionable picture of the organization's complete lease portfolio. The fully integrated, easy-to-use solution is designed to reduce costs, optimize location utilization, and ensure compliance with financial reporting standards. AMTdirect is headquartered in Charlotte, NC with offices in New York City, Sacramento, Austin, Orlando, and Nashville. To learn more visit www.amtdirect.com.
About Luminate Capital Partners
Luminate Capital Partners is a private equity firm focused on making investments in growing enterprise software companies. Luminate partners with management teams to provide flexible capital and operational support to drive strategy, accelerated growth and build long-term value. With headquarters in San Francisco, Luminate invests in portfolio companies that serve customers globally. Representative investments to date include AMTdirect, Comply365, Conexiom, Fintech, Oversight Systems, PDI and StarCompliance. For more information, visit www.luminatecapital.com.
Media Contacts:
For AMTdirect
Meredith Oakes
[email protected]
512.497.4761
For Luminate:
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
SOURCE AMTdirect
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