Real Estate Technology
Globenewswire | August 14, 2023
Tango, a leading provider of cloud-based real estate and facilities management software, today announced it has acquired WatchWire, an industry leader in data and analytics that helps companies reduce emissions and energy expenses while simplifying sustainability and carbon reporting. The transaction further extends Tango’s position as a global leader in the real estate and facilities management space, enabling companies to meet their energy management and sustainability goals. WatchWire’s leadership team will join Tango to continue developing and progressing these key capabilities. Financial terms of the private transaction were not disclosed.
“Faced with a rapidly changing macro and regulatory environment, active sustainability and energy management has become essential to long-term organizational success,” said Pranav Tyagi, President and Chief Executive Officer of Tango. “Tango has a longstanding reputation for solving the complex, location-based compliance and reporting needs of our customers, as well as helping companies effectively manage and control occupancy costs. With the addition of WatchWire, we will provide customers information that arms them to understand their environmental impact and deliver on energy and sustainability management initiatives.”
Founded in 2000 and based in New York City, WatchWire provides the deepest and most comprehensive integrated energy management and sustainability platform in the industry, enabling companies to automate the collection and validation of sustainability and energy related data. Its solutions then operationalize the data for reporting, compliance and identifying additional opportunities to meet environmental, energy and climate targets. The combined business will serve over 500 customers in more than 140 countries from its primary offices in Dallas and New York.
A strong relationship between owners and the users of real estate is critical to ensuring accurate, active tracking and reporting on energy and sustainability. Tango brings considerable experience to the establishment and management of that relationship through its work in transaction management, lease management and facilities maintenance, and will help bridge the communication gap between owners and operators to address their joint energy and sustainability management requirements and deliver on decarbonization objectives.
“We are excited to be joining the preeminent real estate and facilities management solution in the industry,” said Andy Anderson, CEO of WatchWire. “Combining the vast amount of validated energy data available in the WatchWire platform with Tango’s real estate and facilities management capabilities will enable companies to support the accurate tracking and reporting that customers require, and operationalize insights about how to lower costs and improve sustainability. WatchWire customers will also benefit from the end-to-end real estate and facilities solution that Tango offers.”
“Since our initial investment in Tango, we have been focused on adding a sustainability and energy reporting capability, as these offerings will help Tango extend its leadership position in the real estate management software market,” said Jon Nuger, a Managing Director at Berkshire Partners, which made a growth investment in Tango in 2021. “We are excited to partner with Pranav and the management team as they harness Tango’s and WatchWire’s combined capabilities to empower organizations to improve energy efficiency, enhance sustainability and reduce cost.”
Harris Williams acted as exclusive financial advisor to Tango and Berkshire Partners on the acquisition of WatchWire. GrowthPoint Technology Partners, a San Francisco-based technology investment bank, acted as exclusive financial advisor to WatchWire.
With hundreds of customers across more than 140 countries, Tango is the leader in Store Lifecycle Management and Integrated Workplace Management System software, delivering a single solution spanning real estate, design & construction, lease administration & accounting, facilities, desk booking, visitor and space management.
WatchWire is a sustainability and energy management software-as-a-service provider. Across the globe, WatchWire helps commercial and corporate real estate portfolios, Fortune 500 industrial/manufacturing and big-box retail companies and government, healthcare, and educational facilities reduce emissions and expenses while simplifying sustainability and carbon reporting.
About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s private equity team invests in well-positioned, growing companies across technology & communications, consumer, healthcare, and services & industrials. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. The firm's public equity group, Stockbridge, founded in 2007, manages a concentrated portfolio seeking attractive long-term investments. The firm’s Stockbridge and Private Equity teams frequently collaborate and leverage their collective industry expertise across sectors.
Real Estate Investment, Mortgage and Lending
Globenewswire | July 07, 2023
The National Rental Home Council (NRHC), the trade association representing the single-family rental home (SFR) industry, and Esusu, the leading fintech company leveraging rent reporting for credit-building, announced a groundbreaking partnership. Esusu will offer its financial health platform to residents in single-family rental homes owned and operated by NRHC members, aiming to improve their livelihood and financial well-being.
This collaboration between Esusu and NRHC is a pivotal moment in the rental home industry. By enabling rent reporting, both organizations champion financial inclusion and empower renters to build credit histories that can transform their lives. Rent reporting provides SFR residents with a unique opportunity to establish and enhance their credit profiles, granting improved access to credit, mortgages, and other financial services that were previously out of reach. The impact of this partnership extends beyond individuals and will benefit communities across the country and the industry as a whole.
Since its establishment in 2018, Esusu has empowered millions of renters to improve their credit scores by reporting on-time rent payments to major credit bureaus. Alongside credit-building opportunities, the Esusu platform offers renters comprehensive tools, including financial literacy content, community resources, and rent relief funds to navigate financial emergencies. With this partnership, Esusu will significantly expand its reach within the growing SFR industry, addressing the needs of a vast and diverse segment of the population that has often been underserved.
NRHC, known for its commitment to advancing the SFR industry and fostering sustainable communities, recognizes the immense potential of rent reporting as a catalyst for positive change. By partnering with Esusu, NRHC demonstrates its dedication to improving the financial well-being and stability of SFR residents, encouraging SFR owners and operators to provide this meaningful and differentiated amenity to their residents.
“Esusu and NRHC share an unwavering commitment to preserving economic mobility and fortifying the financial fabric of neighborhoods throughout the nation,” emphasized Samir Goel and Wemimo Abbey, Co-Founders and Co-CEOs of Esusu. “This momentous partnership will empower communities across the country to tap into Esusu's comprehensive platform for resident financial health. By joining forces with NRHC, we aim to catalyze significant strides towards our vision of bridging the racial wealth gap and paving pathways to prosperity for residents in single-family rental homes.”
“NRHC is proud to be at the forefront of this transformative partnership with Esusu,” said David Howard, CEO of NRHC. “Together, we are ushering in a new era of financial empowerment for residents of single-family rental homes. By embracing rent reporting, we are laying the foundation for a more inclusive and equitable housing landscape, ensuring that all residents have the opportunity to achieve their financial goals."
“Progress Residential is proud to have been a pioneer in offering positive rent reporting in the single-family rental industry through our partnership with Esusu,” said Adolfo Villagomez, Chief Executive Officer of Progress Residential. “Since launching in March 2022, 57 percent of our participating residents have seen increases in their credit scores, and more than 5,000 residents established first time credit scores, unlocking greater financial potential. We commend NRHC for advocating for the expansion of rent reporting, and we are excited about the transformative impact today’s announcement will make on the financial well-being of so many individuals and families across the SFR industry."
“We are pleased to work directly with Esusu on free reporting of positive rent payments for our residents, and this partnership between NRHC and Esusu is a powerful build that provides many SFR residents the full suite of financial planning tools that Esusu offers,” said Dallas Tanner, CEO of Invitation Homes. “Our residents appreciate the choice and flexibility offered by a single-family rental home, and the partnerships with Esusu offer tools that can further help SFR residents realize their financial goals.”
The collaboration of all involved is a testament to their shared vision of a future where financial opportunities are accessible to all, regardless of socioeconomic background. This historic partnership will propel the industry forward, empowering millions of SFR residents and fostering a more prosperous and inclusive society.
Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu's rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu reaches over 4 million rental units across all 50 states in the United States.
The National Rental Home Council (NRHC) is the nonprofit trade association representing the single-family rental home industry. NRHC members provide families and individuals with access to high-quality, single-family rental homes that contribute to the vitality and vibrancy of neighborhoods and communities.
Real Estate Technology, Mortgage and Lending
Businesswire | July 03, 2023
PortX, the financial infrastructure and integration technology company that delivers open access to data and rapid innovation for financial institutions (FIs) through its Integration-Platform-as-a-Service (IPaaS), announced a new partnership with MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies. PortX has added the integration with the MeridianLink® One platform in order to increase value for customers looking to transform their digital lending.
MeridianLink's cloud-based solutions enable customers to build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle. Its scalable platforms help customers accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences. MeridianLink's partner marketplace supports hundreds of integrations for tailored innovation.
The partnership between PortX and MeridianLink® is expected to benefit FIs in multiple ways. PortX's platform will enable FIs to integrate MeridianLink's digital lending and account opening solutions into their existing systems quickly and seamlessly. This integration will provide PortX customers with simplified access to MeridianLink's sophisticated digital lending and account opening capabilities as well as data verification solutions for consumer reporting agencies. These capabilities can help FIs improve their lending processes and provide consumers with a seamless and engaging customer experience.
“We are excited to partner with PortX and leverage their platform to bring our digital lending solutions to more FIs," said Megan Pulliam, SVP of MeridianLink’s Partner Marketplace. "By combining our advanced lending capabilities with PortX's integration technology, we can provide FIs with a powerful suite of tools that unleash rapid project creation, accelerate speed-to-market, and ultimately drive digital transformation.”
“FIs need to stay ahead of the competition by integrating faster with innovative lending solutions," said David Wexler, CEO of PortX. "This partnership will bring MeridianLink's scalable and cloud-based platforms to more FIs, allowing them to deliver personalized lending experiences and build deeper relationships with their customers.”
PortX is an integration technology company focused on financial services infrastructure that delivers open access to core data and enables rapid project delivery, innovation, and optimal customer experiences. Our solutions facilitate interoperability between internal systems and member services such as online banking, credit checks, mortgage and loan applications, and more, allowing for a real-time 360-degree view of the customer. We help financial institutions empower their teams to connect to fintech partners and real-time payment networks like Zelle®, ACH, Fedwire, Mojaloop, and others. For more information, please visit www.portx.io.
MeridianLink® (NYSE: MLNK) powers digital lending and account opening for financial institutions and provides data verification solutions for consumer reporting agencies. MeridianLink's scalable, cloud-based platforms help customers build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle.
MeridianLink enables customers to accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences. Its partner marketplace supports hundreds of integrations for tailored innovation. For more than 20 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. For more information, please visit www.meridianlink.com.