FM:Systems Responds To The Breakneck Speed Of Space Management Product Innovation By Acquiring Rifiniti
On July 10, 2019, integrated workplace management system (IWMS) vendor FM:Systems announced it has acquired workplace analytics start-up Rifiniti. FM:Systems, headquartered in North Carolina with 970 clients, will acquire Rifiniti’s entire staff, which includes developers and data scientists in Bulgaria and Boston. FM:Systems plans to bring Rifiniti’s space utilization analytics and dashboards into its IWMS platform in the future.
This acquisition provides a boost to FM:Systems’ space utilization analytical capabilities. One of the most value-adding elements of Rifiniti’s software is its ability to calculate the utilization of a building through an analysis of data from Wi-Fi access points, badge swipe systems and other sources with 90% accuracy. While most space management software solutions now integrate with these sources, some vendors struggle to harmonize these different data sets and provide a single view into space utilization. The Rifiniti software solution also provides analytics on staff work patterns to influence office design, by analysing data on staff that are mostly deskbound, internally mobile, externally mobile or remote.
Verdantix finds this acquisition helps FM:Systems respond to the growing competitive pressure in the space management software market. While FM:Systems has one of the strongest space management offerings amongst IWMS vendors based on our 2019 analysis, there has been a faster pace of product innovation driven by specialist vendors such as Euclid (acquired by WeWork), SpaceIQ and SmartSpace Software, as well as the numerous new entrants such as Honeywell, Schneider Electric and Signify. In addition, in late 2018, IWMS vendor Archibus announced it has merged with space management specialist vendor Serraview.
Like other attractive markets with relatively low barriers to entry, the space management software sphere is quickly getting competitive and busy. In 2019 and beyond, we anticipate this will trigger a new race for better functionality amongst established software vendors, alongside a market shakeout across vendors that have not sufficiently invested in their products. To learn more about the business case for space and workplace management software, read our report: The Business Case For Space And Workplace Management Software.