Austin's Accruent announced today that it has acquired Calgary's Evoco for an undisclosed sum.
Evoco provides retail chains including with SaaS solutions to improve the time to revenue associated with complex store construction programs. Accruent provides software solutions to more than 950 customers covering the end-to-end real estate and facilities management lifecycle.
The acquisition will result in an expanded suite of Software-as-a-Service (SaaS) solutions for customers of both companies.
Retailers use Evoco to control project expenditures and manage the many document exchanges that occur between external stakeholders (contractors, vendors, architects, etc.) and internal stakeholders. Using Evoco, customers compress the time taken to plan, design and construct new locations, store expansions and remodels. Evoco's current list of customers includes Luxottica, Home Depot and Staples.
“The Evoco team and customers are a strategic addition to Accruent,” said Mark Friedman, CEO of Accruent. “The acquisition illustrates our commitment to consolidate the best products, people and customers in the markets we serve. Evoco is the best-in-class solution for one of the most critical challenges faced by retailers, whose success turns on their ability to deploy capital as efficiently and effectively as possible to drive revenue.”
Evoco CEO and co-founder Alice Reimer said, “We’ve grown our business through an amazing customer base with world-class products and a strong emphasis on service and support. By joining forces with Accruent, we can accelerate and expand the capabilities we offer Evoco customers and introduce new products to the existing Accruent customers.”
The integration of Evoco operations into Accruent is expected to be completed during the first quarter of 2013, with key Evoco executives assuming leadership positions in the combined company.
Evoco was co-founded in 1999 by Alice Reimer and Sean Fynn. Evoco has been named one of Canada's Top 10 Technology Companies, a Fast 50 company by Alberta Venture Magazine, and ranked by Profit Magazine in their Profit 100 ranking.