Building Engines, a Boston, MA-based building operations platform for commercial real estate owners, operators and occupants, acquired Synlio, an automated RFP solution for commercial real estate property managers.
The amount of the deal was not disclosed.
The acquisition bolsters Building Engines’ AI capabilities abd expand its product portfolio. The deal also extends its employee presence. 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.
Led by Tim Curran, CEO, Building Engines enables asset owners, owner/managers and third-party operators to deliver the optimal tenant experience by operating their buildings and portfolios in an efficient manner. 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 company currently serves more than 750 customers and helps manage over 2.4 billion square feet across over 25,000 properties.
Beacon Capital Partners, Cushman & Wakefield and Highwoods Properties, among others, use the platform to reduce costs, increase efficiency and create an identifiable CRE brand centered around an exceptional tenant experience.
Synlio provides a commercial real estate technology platform that concludes the RFP process by providing the user with an apples-to-apples comparison matrix of qualified vendors. Once the user selects a winning bid, the company 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:
– RFP Template Builder;
– RFP Automation Using Artificial Intelligence;
– RFP Activity Log;
– RFP Vendor Marketplace.
Synlio is the third acquisition Building Engines has completed as part of the company’s platform growth strategy, having bought RDM in May 2019 and AwareManager in May 2018.