Building Engines Acquires Synlio, Adding RFP Automation to its CRE Operations Platform
BOSTON--(BUSINESS WIRE)--Nov 6, 2019--
Building Engines, the leading building operations platform for commercial real estate owners, operators and occupants, today announced it has acquired Synlio, the automated RFP solution for commercial real estate property managers. Synlio manages the RFP process from beginning to end, from creation and management to vendor communications and comparisons, saving time, increasing transparency, reducing costs and providing property managers and building owners with the best vendor for every project. The deal comes on the heels of Building Engines receiving an injection of private equity funding to support its growth via a build, partner and acquire growth strategy.
Synlio’s technology works behind the scenes to solve a universal problem in commercial real estate, quickly finding quality vendors that meet the requirements of a given project. On average, Synlio shaves off more than 10 hours from the typical RFP through a combination of automation, standardization and communication. Synlio concludes the RFP process by providing the user with an apples-to-apples comparison matrix of qualified vendors, making it simple to select a winning vendor. Once the user selects a winning bid, Synlio notifies the chosen vendor, automatically thanks all other vendors and provides suggestions for how they can fine tune future proposals.
Key new features that Synlio will enable on the Building Engines platform include:
“Acquiring Synlio maps directly to our vision of building a modern operations platform that is focused on delivering an exceptional building experience and tenant satisfaction, while maximizing efficiency and profitability,” said Tim Curran, Building Engines’ CEO. “We have heard repeatedly from customers that the RFP process is incredibly time-consuming, inefficient and ambiguous, and leaves no historical record for why a vendor was selected for a specific project. Synlio’s capabilities solve these pain points for our customers and make our platform even more valuable to busy property managers.”
The acquisition not only marks a continued expansion of Building Engines’ platform, but also extends its employee footprint. Synlio’s office in Scottsdale, Arizona, will become a new Building Engines development location, adding to the new commercial office in New York City, which was obtained through the acquisition of Real Data Management.
ABOUT BUILDING ENGINES
Building Engines currently serves more than 750 customers and helps manage over 2.4 billion square feet across over 25,000 properties. The company enables asset owners, owner/managers and third-party operators to deliver the optimal tenant experience by operating their buildings and portfolios in the best and most efficient manner possible. Its SaaS platform streamlines processes and connects the people involved in operating a commercial asset by automating workflows and information capture across a building’s operating environment, and allowing owners to accurately measure rentable square feet and asset value, according to BOMA standards, the most commonly used industry metric. Leading companies like Beacon Capital Partners, Cushman & Wakefield and Highwoods Properties rely on the platform to reduce costs, increase efficiency and create an identifiable CRE brand centered around an exceptional tenant experience.
For more information, visit www.buildingengines.com
View source version on businesswire.com:https://www.businesswire.com/news/home/20191106005279/en/
CONTACT: Building Engines – Version 2.0 Communications
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: DATA MANAGEMENT TECHNOLOGY COMMERCIAL BUILDING & REAL ESTATE SOFTWARE CONSTRUCTION & PROPERTY NETWORKS BUILDING SYSTEMS
SOURCE: Building Engines
Copyright Business Wire 2019.
PUB: 11/06/2019 08:00 AM/DISC: 11/06/2019 08:01 AM