We have been busy at Building Engines. We’ve been helping our customers increase their revenue, deliver the best occupant experience and reduce their operating costs through better building operations. We’ve been innovating on the Prism building operations software platform, even since its launch just a few months ago. And we’ve been continuing to keep an eye out for the most beneficial CRE tools to bolster the capabilities of Prism and better serve customer needs now and into the future.
While HVAC systems are critical to effective operations, the ability to manage them—from service calls to compliance issues—has historically been a pain point for landlords and property teams alike. And a big pain point at that: nearly every commercial building, regardless of type or size, requires HVAC to operate, with such systems accounting for anywhere from 15% to more than 30% of a typical maintenance budget. Ravti was founded in 2012 to help landlords and property teams understand, and thus operate, HVAC systems smarter.
Now in 2020, Ravti digitizes HVAC inventory across more than 30 million square feet of retail, industrial and commercial office spaces. We believe that the ability to have a complete HVAC inventory will be a game changer for our customers as they look to drive tenant compliance, make more accurate capital planning decisions and lower asset replacement costs. The ability to make more-informed, data-driven decisions throughout the life cycle of HVAC assets, especially when they can be considered in the context of all other building operations functions, can and will have a profound impact on the ability to improve net operating income (NOI). Ravti will remain a valuable stand alone point solution, as well as a part of Building Engines’ comprehensive Prism platform.
I’d like to be the first to officially welcome Ravti customers and team to Building Engines. Ravti is the fourth company Building Engines has acquired since 2018 and the latest milestone in our ongoing efforts to build the most innovative and open building operations platform for commercial real estate.
We are proud of all of the progress we have made in our commitment to deliver an exceptional experience for everyone, in every building—especially as our ability to deliver that takes us to new heights digitizing the systems that sit atop their roofs.