Aquicore, a commercial real estate software company, acquired Entic, a software-as-a-service property technology company that aims to reduce utility waste, improve clients’ operational efficiencies and vendor oversight, and help them reach sustainability goals.
Terms weren’t disclosed. Blackstone Group, which invested in Entic in July 2017, has retained its stake in the company.
Aquicore is backed by several investors in real estate technology, including ClearSky, Fifth Wall Ventures, Navitas Capital and Normandy Real Estate Partners.
The company’s decision to acquire Entic results from an effort to become a complete portfolio service for buildings of all sizes across the industry, the company said in a statement.
Its significant client, EQ Office, is a Blackstone Real Estate portfolio company that manages 50 million square feet of office space, including Chicago’s Willis Tower, Hughes Center in Las Vegas and Park Avenue Tower in New York City.
“The combination of Entic’s prescriptive analytical platform and Aquicore’s fast, portfolio-level installation will allow for rapid deployment and performance improvement at scale,” Don Anderson, Blackstone’s chief sustainability officer, said in the statement.
Entic’s software provides insights into and prescriptions for improving building operations, including identifying and reducing energy waste.
Those analytics and building recommendations will be available through Aquicore’s mobile application and cloud-based platform, which provides portfoliowide visibility, utility-budget tracking and tenant-billing tools.
Aquicore’s cloud-based platform tracks, analyzes and predicts key building performance factors in real time to provide portfolio-grade actionable insights and streamline overall business operations.
The Aquicore platform is currently deployed at more than 700 office buildings nationwide, including John Hancock Tower, Salesforce Tower, National Press Building, Promenade and Nascar Plaza.
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Clarification: The story was updated to include information that Blackstone is retaining its stake in Entic.