A New Workplace And Asset Management Software Powerhouse Emerges As SpaceIQ Merges With iOFFICE

On August 25, 2021, integrated workplace management system (IWMS) vendor SpaceIQ merged with iOFFICE, a provider of workplace and asset management software solutions. Private equity firm Thoma Bravo joins JMI Equity, the previous majority investor in SpaceIQ, as primary investors in the combined company. The transaction creates a 500-employee company with over 10,000 customers in over 85 countries and over 1 billion square feet under management. The combined firms will offer a comprehensive suite of smart building software solutions for managing corporate real estate, physical assets and workplace experience.

Verdantix estimates the merger creates one of the three largest vendors in the workplace software market by revenue. SpaceIQ comprises a portfolio of three workplace software products, including the Archibus IWMS platform, SiQ for workplace management and Serraview for comprehensive space planning. iOFFICE’s product suite includes a core workplace experience platform with iOFFICE, a space booking and visitor solution with Teem, a facility management and CMMS solution with product Hippo CMMS, and an enterprise asset management with Manager Plus. The two vendors have complementary strengths: in our 2019 Green Quadrant analysis, we found that iOFFICE provides easy-to-use mobile tools for facility technicians to capture data and Archibus offers a comprehensive business intelligence and reporting dashboard.

What does this deal mean for the broader market? The transaction confirms the workplace software landscape is entering a new phase shaped by rapid vendor consolidation and the entrance of far bigger private equity firms. In August 2021 alone we’ve seen Condeco receive investments from Thoma Bravo and JMI Equity, MRI Software acquire FSI to expand facilities management capabilities and JLL Technologies acquire Skyline AI. Vendors across the workplace software market must plan for fiercer competition from 2022 with the rise of bigger and better-funded rivals able to innovate and scale faster than ever before.

For more insights into the evolving software market, read our report Verdantix Market Size And Forecast: Space And Workplace Management Software 2020-26 (Global)

SB A New Workplace And Asset Management Software Powerhouse Emerges As SpaceIQ Merges With iOFFICE

Joy Trinquet

Industry Analyst, Verdantix

Joy is an Industry Analyst in the Verdantix Smart Buildings practice. Her current research agenda focuses on building digital twins, BIM for operations, smart building systems integration as well as architecture, engineering and construction software. Joy joined Verdantix in 2019, and previously worked at BNP Paribas Asset Management. She holds a bachelor’s degree in economics with a concentration in policy as well as dual minors in computer science and business studies from New York University.