HOUSTON—iOFFICE, the industry leader in workplace experience and asset management software-as-a-service solutions, today announced its acquisition by Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sector, from prior owner Waud Capital Partners. iOFFICE CEO Mark Peterson and the existing management team will continue to lead the company. The transaction closed today following regulatory approval; financial details were not disclosed.
Founded in 2002 and acquired by Waud Capital Partners in 2018, iOFFICE enables businesses to manage their workplaces and optimize physical asset performance while enhancing human interactions with the built environment. Its solution portfolio combines employee experience with Integrated Workplace Management System capabilities, as well as enterprise asset management and facilities maintenance platforms. Designed with scalability in mind, iOFFICE's native cloud-based applications grow with clients as their needs evolve, delivering value at every stage. iOFFICE serves some of the largest organizations in the world, including Fortune 500 clients like Starbucks and Progressive Insurance.
iOFFICE is uniquely positioned to capitalize on current macro market trends, enabling clients to shift to the cloud and at the same time offer a more engaging digital experience for employees who interact with corporate assets. The acquisition by Thoma Bravo will allow iOFFICE to accelerate product development and execution of this strategy. According to independent research and advisory firm Verdantix, space and workplace management represents the most dynamic segment of the smart building market and is forecasted to grow at a rate of 13 percent annually through 2025. iOFFICE is particularly well placed to meet this demand as legacy solutions struggle to scale and companies adopt tools to manage their increasingly dynamic workplace needs for the first time.
"Thoma Bravo has an exceptional track record of working collaboratively with businesses in the enterprise software space," said Mark Peterson. "We're excited to work with their team to build on the momentum we achieved with Waud Capital Partners to realize our collective mission of empowering responsive, frictionless workplaces for enterprises worldwide."
Thoma Bravo Senior Partner A.J. Rohde added, "The last 16 months have illuminated the need for enterprises to have a comprehensive suite of integrated workplace and smart building solutions. We strongly believe that we are entering a new world where employee experience will be a cornerstone of how companies think about their space management process. We have deep respect for the talented iOFFICE team and are confident that the company's best-in-class product suite will continue to drive expansion. We are thrilled to partner with iOFFICE and apply our capital and growth expertise to help customers solve problems faster."
"We are very proud to have partnered with Mark Peterson and his team to drive transformational growth and create a market leader in iOFFICE," said Matthew Clary, Partner at Waud Capital Partners. "Through organic growth and strategic acquisitions, Mark and his team rapidly expanded iOFFICE's reach both horizontally and vertically with outstanding results. iOFFICE is a leading, innovative business in a highly dynamic market, and we know they will continue to have success with their terrific new partner, Thoma Bravo." Waud Capital Partners will hold a minority ownership position in the company going forward.
Waud Capital Partners was advised by lead financial advisor, Raymond James, and co-financial advisor, Software Equity Group. Kirkland & Ellis LLP served as legal advisor for both Waud Capital Partners and Thoma Bravo.
About iOFFICE
iOFFICE creates the most responsive, frictionless workplaces everywhere through space planning, employee experience, and asset management SaaS solutions. Our cloud-based, open-API platforms and mobile apps help businesses of all sizes connect data, people, and things wherever work takes place. Through our marketplace of smart building and IoT connectors and global partner network, iOFFICE enables enterprises to increase agility and scalability while streamlining their tech stack. More than 8,000 organizations in 85 countries choose iOFFICE to make their workforces more productive, create exceptional experiences, and simplify facility and equipment management. See why at www.iOFFICECORP.com.
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $78 billion in assets under management as of March 31, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm's deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired more than 300 companies representing over $85 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit thomabravo.com.
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