Envizi Gears Up For Next Era Of International Growth With An Injection Of Funding From Accel-KKR
On March 19, 2019, Sydney-headquartered facilities optimization software vendor Envizi announced it received an injection of funding from private equity firm Accel-KKR. Envizi, with 160 enterprise customers, will use the funding to propel its global expansion strategy with a particular focus on North America and the UK. The vendor will build on previous investments it has made to expand outside of Australia; it has already opened offices in London, San Francisco and Singapore.
Verdantix finds that pushing hard on international expansion is a strong strategic move for Envizi. The vendor already offers a robust and broad facilities optimization software platform. In our 2018 benchmark of facilities optimization solutions, we rated Envizi as one of five market leaders alongside vendors such as Enel X, IBM, Schneider Electric and Siemens. Over the past decade, Envizi has poured investment into its product to keep pace with changing market needs, which have evolved from strategic energy management to more holistic asset management.
Other competing vendors are also looking to global expansion to support their next phase of growth. For example, asset and energy management software vendor Powerhouse Dynamics raised funding from Emerald Technology Ventures in 2017 to support its push for international expansion. Meanwhile, smart building platform vendor Switch Automation, which originated in Sydney, now has headquarters in Denver and raised $6 million in funding. Spacewell, a provider of building IoT and IWMS solutions, is pushing for expansion in the US and across Europe following its acquisition by the Nemetschek Group in 2018.
The challenge for all facilities optimization software vendors expanding globally will come in establishing a brand presence beyond their home territories. The Verdantix brand survey shows that it is tough for facilities optimization vendors to garner strong brand awareness with buyers globally. This is because the market for energy, maintenance and facilities management software is highly fragmented with hundreds of vendors competing. Vendors need to push extra hard to boost their brand awareness amongst their target buyers. However, with all things considered, Envizi is well placed to continue expanding globally. It has a proven track record in gaining customers by working with local partners and now has strengthened resources following its funding injection.
For insights on the factors influencing smart building software purchases by real estate and facilities managers read the Verdantix report Industry-Level Buying Criteria For Smart Building Software.