Genstar Acquires Real Estate Software Specialist Accruent

May 18 2016 | 9:57pm ET

Middle-market private equity firm Genstar Capital has announced the acquisition of Austin, TX-based Accruent, the world’s largest provider of real estate, facilities, and asset management software.

Accruent’s products, which span the entire real estate, facilities and asset management lifecycles, are used by more than 5,400 organizations, including 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, Genstar said in a statement. 

Terms of the transaction were not disclosed.

“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 of Genstar Capital, in the statement. “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.”

“Genstar has a tremendous track record of partnering with management teams to take businesses to the next level,” added John Borgerding, president of Accruent. “We are thrilled to be working with them to continue providing lasting value to our customers and career growth opportunities for our people.”

Founded in 1988, San Francisco-based Genstar focuses on investments in targeted segments of the software, healthcare, financial services, and industrial technology industries. The firm manages funds with total capital commitments of more than $5 billion primarily from endowments, foundations, pension funds, sovereign wealth funds, financial institutions, and family offices.

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