A Boston web and mobile property management software firm has acquired Scottsdale-based Synlio to integrate its request-for-proposal automation technology for commercial real estate property managers.
Building Engines closed the deal to buy Synlio on Nov. 1 and plans to keep its Scottsdale office open with its seven employees, said Lou Jordano, Building Engines’ chief marketing officer.
“Synlio is unique because it works with commercial real estate property managers,” Jordano said. “Synlio allows you to tap into this giant national network and communicate with all appropriate vendors, that’s what makes this solution so elegant.”
With property managers and building owners complaining how the RFP process is a “pain point,” Building Engines was on the lookout for a solution that would help make this process easier from beginning to end, he said.
“Getting those vendors signed up and found can be a challenging problem. It’s such a manual process,” Jordano said. “Having an automated solution for this type of routine process enables property managers to spend more time on their properties.”
Building Engines’ mergers and acquisitions team found Synlio and knew it would be a “great add-on” to its platform, Jordano said.
“Acquiring Synlio maps directly to our vision of building a modern operations platform that is focused on delivering an exceptional building experience and tenant satisfaction, while maximizing efficiency and profitability,” Building Engines’ CEO Tim Curran said in a statement.
Financial details of the Synlio acquisition were not disclosed, but the acquisition comes just two weeks after Building Engines received a $12.7 million investment to fuel continued growth.
The Oct. 15th capital infusion was led by an existing investor, Boston-based Wavecrest Growth Partners, with participation from River Cities Capital Funds, MassMutual Ventures and Camber Creek Ventures.
Synlio is Building Engines’ third acquisition. It also bought New York-based Real Data Management in May and Boston-based AwareManager in 2018.
“We expect to continue this acquisition pace and have an aggressive pipeline and vision for other value-add potential acquisitions,” Jordano said.
Oliver Keller, founder and CEO of Synlio, is staying on at Building Engines as vice president of vendor marketplace, part of the product organization at the growing company.
The Synlio technology will be rebranded soon as RFP Automation and be another offering in Building Engines’ CRE operations platform, Jordano said.
Synlio’s technology allows property managers to choose an RFP template from the library. Its artificial intelligence works to determine the best vendors for the bid and reaches out to them so they can bid on the project, Jordano said.
“It can shave 10 hours off the process, which is time better spent dedicated to managing properties,” he said.
Building Engines expects to expand the Scottsdale office as the need arises. It also adds another development office to the company, along with its New York office. Jordano said.
Building Engines serves more than 750 customers and helps manage more than 2.4 billion square feet across more than 25,000 properties.
Original article contributed by: Phoenix Business Journal