Private Equity Firms Support iOFFICE-SpaceIQ Merger
A merger has been announced between workplace experience and asset management platform iOFFICE and global integrated workplace management system (IWMS) specialist SpaceIQ.
The move follows technology private equity firm, Thoma Bravo's July acquisition of a majority stake in iOFFICE and is being supported by minority investor Waud Capital Partners, as well as global private equity firm JMI Equity which was formerly the majority shareholder in SpaceIQ.
Together, the combined organization will address a rapidly growing market opportunity through the most complete offering of smart platforms for managing corporate real estate, physical assets, and workplace experience.
Monumental shifts in workplace, facility management, and business-critical equipment requirements, intensified by increased employee expectations for workplace experience and flexibility, have driven demand for tools that enable businesses to adapt more quickly than ever before.
A.J. Rohde, Senior Partner at Thoma Bravo, comments: "After tracking the workplace and asset management spaces for years, this investment comes at a unique time when modern technologies are critical for managing corporate office space and assets.
"These complementary franchises will accelerate innovation and we’re excited to work with the team to continue building a world-class business in a market with exceptional growth opportunities."
Brian Hersman, a General Partner with JMI Equity, says: "By combining the resources of SpaceIQ and iOFFICE, the company will significantly accelerate plans for expanding products and capabilities that help companies succeed in the era of hybrid work.
"We’re excited to continue our partnership with SpaceIQ and this newly integrated organization to support their next phase of growth."
SpaceIQ CEO, Wain Kellum, will assume responsibility for the newly integrated organization. He adds: "Our product roadmaps and prospects were tightly aligned, making a merger the best option to accelerate innovation and evolution.
"Bringing these two companies and teams together gives us unmatched ability to produce the solutions that our rapidly changing industries require.
"Thoma Bravo’s background in building industry leaders gives us experience, scale, and product capability that no other vendor in our industry comes close to matching."
Current iOFFICE CEO, Mark Peterson, will focus on leading his organisation during the transition period.
Kirkland & Ellis LLP served as legal counsel to Thoma Bravo. Goodwin Procter LLP served as legal counsel to JMI Equity.