Aquicore Acquires Blackstone-Backed PropTech Firm
Based in D.C., Aquicore operates a platform for building owners to track their energy usage and save money on utility bills. With clients such as Cushman & Wakefield, JBG Smith, Lincoln Property and MRP Realty, Aquicore's platform is deployed at over 700 office buildings around the country. Its platform connects with self-installable sensors, allowing it to be implemented quickly.
Aquicore plans to integrate the data from Entic, a company that provides recommendations on utility performance, into its own platform.
"Together, we will propel the PropTech industry forward, giving the commercial real estate industry a powerful solution unlike any it's ever seen," Aquicore CEO Logan Soya said in a release. "When experts look back at the evolution of this market, the combining of Aquicore and Entic will be a milestone."
The acquisition brings Aquicore into a new asset class — hospitality — and it gives it a footprint in Florida, Massachusetts and California, where Entic has offices. The combined company will have products used across 250M SF of commercial real estate.
The deal also gives Aquicore access to one of the world's largest commercial real estate owners, The Blackstone Group. Entic in 2017 received a significant investment from Blackstone. And Blackstone-owned EQ Office, which manages 50M SF of office space, is one of Entic's clients. The combined company also has backing from ClearSky, Fifth Wall Ventures, Navitas Capital and Normandy Real Estate Partners.
"The combination of Entic's prescriptive analytical platform and Aquicore's fast-portfolio-level installation will allow for rapid deployment and performance improvement at scale," Blackstone Chief Sustainability Officer Don Anderson said.