August 2023Tango, Leading Provider of Cloud-Based Real Estate and Facilities Management Software, Acquires WatchWire
DALLAS and NEW YORK, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Tango, a leading provider of cloud-based real estate and facilities management software, today announced it has acquired WatchWire, an industry leader in data and analytics that helps companies reduce emissions and energy expenses while simplifying sustainability and carbon reporting. The transaction further extends Tango’s position as a global leader in the real estate and facilities management space, enabling companies to meet their energy management and sustainability goals. WatchWire’s leadership team will join Tango to continue developing and progressing these key capabilities. Financial terms of the private transaction were not disclosed.
“Faced with a rapidly changing macro and regulatory environment, active sustainability and energy management has become essential to long-term organizational success,” said Pranav Tyagi, President and Chief Executive Officer of Tango. “Tango has a longstanding reputation for solving the complex, location-based compliance and reporting needs of our customers, as well as helping companies effectively manage and control occupancy costs. With the addition of WatchWire, we will provide customers information that arms them to understand their environmental impact and deliver on energy and sustainability management initiatives.”
Founded in 2000 and based in New York City, WatchWire provides the deepest and most comprehensive integrated energy management and sustainability platform in the industry, enabling companies to automate the collection and validation of sustainability and energy related data. Its solutions then operationalize the data for reporting, compliance and identifying additional opportunities to meet environmental, energy and climate targets. The combined business will serve over 500 customers in more than 140 countries from its primary offices in Dallas and New York.
A strong relationship between owners and the users of real estate is critical to ensuring accurate, active tracking and reporting on energy and sustainability. Tango brings considerable experience to the establishment and management of that relationship through its work in transaction management, lease management and facilities maintenance, and will help bridge the communication gap between owners and operators to address their joint energy and sustainability management requirements and deliver on decarbonization objectives.
“We are excited to be joining the preeminent real estate and facilities management solution in the industry,” said Andy Anderson, CEO of WatchWire. “Combining the vast amount of validated energy data available in the WatchWire platform with Tango’s real estate and facilities management capabilities will enable companies to support the accurate tracking and reporting that customers require, and operationalize insights about how to lower costs and improve sustainability. WatchWire customers will also benefit from the end-to-end real estate and facilities solution that Tango offers.”
“Since our initial investment in Tango, we have been focused on adding a sustainability and energy reporting capability, as these offerings will help Tango extend its leadership position in the real estate management software market,” said Jon Nuger, a Managing Director at Berkshire Partners, which made a growth investment in Tango in 2021. “We are excited to partner with Pranav and the management team as they harness Tango’s and WatchWire’s combined capabilities to empower organizations to improve energy efficiency, enhance sustainability and reduce cost.”
Harris Williams acted as exclusive financial advisor to Tango and Berkshire Partners on the acquisition of WatchWire. GrowthPoint Technology Partners, a San Francisco-based technology investment bank, acted as exclusive financial advisor to WatchWire.
With hundreds of customers across more than 140 countries, Tango is the leader in Store Lifecycle Management and Integrated Workplace Management System software, delivering a single solution spanning real estate, design & construction, lease administration & accounting, facilities, desk booking, visitor and space management. To learn more visit tangoanalytics.com.
WatchWire is a sustainability and energy management software-as-a-service provider. Across the globe, WatchWire helps commercial and corporate real estate portfolios, Fortune 500 industrial/manufacturing and big-box retail companies and government, healthcare, and educational facilities reduce emissions and expenses while simplifying sustainability and carbon reporting. To learn more visit watchwire.ai.
About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s private equity team invests in well-positioned, growing companies across technology & communications, consumer, healthcare, and services & industrials. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. The firm's public equity group, Stockbridge, founded in 2007, manages a concentrated portfolio seeking attractive long-term investments. The firm’s Stockbridge and Private Equity teams frequently collaborate and leverage their collective industry expertise across sectors. For additional information, visit www.berkshirepartners.com.