Genstar Capital, a private equity firm, last week announced its acquisition of Austin-based Accruent, which makes real estate, facilities and asset management software.
The financial terms of the deal were not disclosed.
Accruent, founded in 1995 in California, had raised $32 million from two investors in two rounds, according to its Crunchbase profile. The company opened an office in Austin in 2010 and later relocated its headquarters here.
“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,” Mark Friedman, CEO and founder, Accruent, said in a news release.
Accruent’s customers include 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 and others 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,” Eli Weiss, Managing Director, Genstar Capital, said in a news release. “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.”