Austin-based real estate software maker Accruent has been acquired by San Francisco-based private equity firm Genstar Capital, the company said Wednesday.
Financial terms of the deal were not disclosed.
Founded in 1995, Accruent develops real estate and facilities management software.
Accruent's software is used by more than 5,000 organizations worldwide, the company says.
“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 of Genstar Capital, said in a written 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.”
The company was based in Santa Monica, Calif., when it opened an operations center in Austin in 2010. Austin later became its headquarters, and the company has more than 400 employees.
“Genstar has a tremendous track record of partnering with management teams to take businesses to the next level. We are thrilled to be working with them to continue providing lasting value to our customers and career growth opportunities for our people,” John Borgerding, president of Accruent, said in a written statement.
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