Commercial tenant experience platform Equiem is acquiring workplace management software company SpaceOS. The company declined to provide additional details about the terms of the deal. The purchase will help Equiem upgrade its platform and expand its footprint to over 25 countries, increasing its revenue as much as 20%, according to an announcement sent to Facilities Dive.
Australian-based Equiem has mainly provided service to North America, Britain and Ireland until now, with U.S. clients including Hines, Nuveen, Tishman Speyer, MetLife, Pembroke and Unico.
The deal also included investment from three German entities, including Hitachi Ventures, Momeni and Caleus, as well as New Jersey-based BeyondBuild, with funding intended to drive additional acquisitions and the integration of SpaceOS.
Equiem, which services the commercial industry through smart building, tenant experience, data and customer engagement tools, says customers of both groups will benefit from a “richer feature set, larger team and broader global benchmarking,” as the combined company continues to operate under the Equiem brand.
“We are also working on a lightweight toolkit to streamline core, day-to-day operations in B and C class commercial properties,” said David Adams, chief product officer at Equiem, in a statement. “Further, we will leverage the extensive access control integration service of spaceOS and offer it to all Equiem clients as soon as possible. This will come alongside a digital employee badge residing in the Apple and Android wallet, allowing employees to access buildings seamlessly with their smartphones.”
Both companies have experienced large growth recently, with Equiem reporting that the number of buildings using its platform has more than doubled over the last 12 months and SpaceOS doubling its recurring revenue in the last 12 months.
Equiem also recently acquired Vicinitee, adding property operations functions to its existing suite of tenant experience, data and customer engagement tools. The company also expressed intent to become a leading proptech consolidation platform, saying it plans to continue building out its vertical operating system and expanding its geographic footprint via acquisitions.
“Real estate is finally adopting tech, but it needs it to all work together, seamlessly, from security and access, to operations, flex space bookings to events and community engagement, this all needs to sit in one platform. And access to this platform has to transcend the workplace. It has to be global,” stated Equiem CEO Gabrielle McMillan.
Founded in Ireland in 2011, Equiem is currently used in over 660 buildings (110 million square feet) worldwide, hosting over 9,000 different companies and 220,000 active users. SpaceOS’ platform is used at more than 200 locations (35 million square feet) in 19 countries, according to the release.