Blackstone has acquired a stake in Pembroke Pines, Florida-based Entic, a provider of smart building software. No financial terms were disclosed.
FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Entic, a leader in smart building software, announced that it closed a strategic investment from Blackstone (NYSE: BX). The investment will help accelerate Entic’s growth plans, as it continues to provide best-in-class technology solutions to commercial building owners. Using real-time data analysis of major energy consuming systems, Entic’s software-as-a-service (SaaS) provides insights into and prescriptions for improving building operations. Entic is easy to install and begins identifying and reducing energy waste within the first 30 days.
Blackstone has successfully used Entic’s technology to provide operational efficiency and energy savings at several assets owned by the firm’s real estate funds, including Park Avenue Tower in midtown Manhattan and the Howard Hughes Center in Los Angeles. Blackstone will provide the company ongoing support and expertise from Blackstone’s Real Estate and Innovations teams.
“Partnering with Blackstone provides a major validation of our technology and will help to accelerate the growth of our company,” said Carlos Diaz, Co-Founder and CEO of Entic. “Blackstone’s investment and decision to deploy our technology are together a major recognition of our success in reducing energy waste and increasing operational performance in commercial buildings,” he added.
“We’ve closely followed Entic’s track record for some time as part of a search for a best-in-class energy analytics platform,” said Don Anderson, Executive Director for Blackstone. “Entic’s products provide a powerful tool for scaling our energy performance improvement efforts, and serve as an important part of our ongoing commitment to ESG across our portfolio.”
“Blackstone recognizes the opportunity created by new, emerging technologies to embrace disruption instead of resisting it,” said Bill Murphy, Chief Technology Officer for Blackstone. “We feel we can leverage a great product to enhance energy efficiency in our investments.”
Entic provides building owners with substantial energy and water savings through increased operational visibility and control under an affordable, easy-to-implement subscription model. Used by some of the most recognized names in hospitality, healthcare, commercial office real estate and sports, Entic provides real-time financial and engineering dashboards so that business and facility managers can make better decisions. For more information, please visit www.entic.com and follow Entic on Twitter @enticusa.