Brisbane-based workplace and asset management software group RedEye, a company that helps clients manage more than $450 billion in assets globally, has been acquired by US giant Accruent.
The deal announced by Accruent, a subsidiary of industrial products maker Fortive (NYSE: FTV), has been described by the company as further solidifying its leadership in the field of engineering document management systems (EDMS) – a specialty of RedEye.
While financial terms of the deal have not been disclosed, the acquisition brings RedEye’s extensive customer base and its Software as a Service (SaaS) revenue into the Accruent fold.
RedEye was co-founded in 2012 by technology entrepreneurs Randall Makin, the company's CEO, and Wayne Gerard - the former CEO who led the company until mid-2022.
The company has operations in Australia, New Zealand and North America where it says it helps customers manage some of the world's most critical infrastructure assets.
RedEye’s SaaS platform serves as the hub of engineering drawings for critical infrastructure industries such as power, water, mining, government and manufacturing.
After securing the Australian Bureau of Meteorology (BOM) as a client last month, RedEye says its offering has been expanded to include weather, agriculture, aviation and geo-spatial services.
"This acquisition underscores our commitment to delivering industry-leading solutions across our portfolio, with a continued investment in comprehensive solutions across the facility and asset workflow, while further expanding Accruent's presence in the region,” says Accruent’s president Bill Pollak.
“Overall, RedEye’s industry-focused, cloud-native solution, coupled with its strong customer satisfaction, aligns with our investment strategy and long-term objectives."
Over the past decade, RedEye has grown its business to six offices globally offering a broad range of services to clients such as Melbourne Water, SA Power Networks, Las Vegas Valley Water District and Snowy Hydro. The company’s clients manage assets worth more than $450 million.
RedEye’s SaaS solutions include engineering data management, asset and work management and bushfire risk management, as well as technology, process optimisation and change management consulting services that it says are purpose-built for asset owners.
The company’s solutions are said to expedites drawing discovery with advanced search capabilities while safeguarding intellectual property and data. It also provides robust API connectivity to seamlessly integrate documents across business systems.
Through RedEye’s SaaS platform, customers will have access to regional data hosting hubs designed to ensure compliance with privacy and security regulations applicable to their business.
When announcing the BOM partnership last month, Makin said it was a ‘prime illustration of the enduring value engineering drawings deliver throughout an asset's lifespan’.
“The Bureau's vital operations require a system that not only unifies their diverse datasets but also seamlessly integrates with their IBM Maximo EAM solution,” Makin said.
“Our platform is designed to do just that, empowering their field workers with immediate, reliable access to essential engineering data. It's about creating networks of people that not only enhance operational efficiency but also ensure that the data in engineering drawings can be connected to make business easier.”
A LinkedIn post by fellow co-founder Gerard reveals that the acquisition by Accruent was completed last month.
"In 2012 we started a journey to help mining companies, power and water utilities, hospitals, toll road operators, cities, ports and other large critical infrastructure operates better manage and maintain their engineering drawings and documents," Gerard says.
"In December 2023, RedEye entered a new stage of the journey when we sold to Accruent.
"Personally, as co-founder and as CEO for 9.5 years, I learnt stacks of lessons, had amazing experiences, faced and overcame the numerous challenges of scaling a startup into a global company and feel incredibly privileged to have worked with so many awesome people along the way."
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