BOSTON, Jan. 21 /PRNewswire/ -- Building Engines, provider of a comprehensive web-based operations management solution for owners and managers of all property types, today announced overall recurring revenue growth of 34% in 2009, matching its strong performance in the previous year. Despite the struggling real estate market in a difficult economy, the company broadened product functionality, enhanced platform usability, and increased its service programs – adding significant new names to a growing stable of tier one clients.
"Our clients, both new and existing, took advantage of the resource efficiencies they can achieve with our solutions," said David Osborn, Building Engines CEO. "Difficult economic times demand close resource management and our program helps managers realize the cost savings necessary to maintain strong property performance metrics." In addition to noteworthy new client acquisitions Manulife Financial, BF Saul, Northwest Healthcare and Federal Realty Investment Trust, Building Engines also expanded its existing client base with Normandy Real Estate Partners and Related Real Estate Group. Existing client property additions increased 17% in 2009, accounting for approximately 50% of the total recurring revenue growth.
"Strong existing client growth is testimony to the excellence of our program," said Osborn. "2009 was a very challenging year for real estate - a rapidly declining economy lead to plummeting occupancy rates and lower cash flows. We responded by helping clients optimize property performance through a powerful web-based operations management system, best-of-breed operations practice advisories and critical market intelligence." He added, "In what will be an equally difficult year, our services will play a critical role in helping modern real estate organizations survive and thrive in 2010."
Building Engines' state-of-the-art product development and deployment team continued platform expansion in 2009, launching more than 17 significant enhancements to its web-based operations management solution, including: additional web services integrations; building websites; mobile enhancements; a true tenant portal; interactive resource scheduling; new lobby access and management features, including modern building directories and self-service check-in kiosks – all underscored by a responsive client service arm.
"We constantly strive to help our clients work better," said Osborn. "As a 'Service First' organization, we understand the critical role active service and support plays in the property management field and its importance to the bottom line. We are not simply a vendor – we are an effective real estate technology partner to our clients. When times get tough, that proactive service-oriented approach makes all the difference. Just ask our clients."
Building Engines, Inc.:
Building Engines is a web-based system providing owners and managers of all property types with a comprehensive solution for improving operations and workflow management. Founded in 2000 by an entrepreneurial team of building and facilities operations management professionals, Building Engines serves the needs of 80 enterprises, managing more than 1700 individual facilities and 200 million sq. ft. of property. More information: http://www.buildingengines.com/
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SOURCE Building Engines, Inc.