iOFFICE, an industry leader in workplace experience and asset management solutions, and SpaceIQ, a leading Integrated Workplace Management System (IWMS), space management, and employee experience provider, announced Aug. 25 that they have merged following strategic investments in the companies by global private equity firms Thoma Bravo and JMI Equity. 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. With more than 10,000 customers in over 85 countries, and the most comprehensive product portfolio, the combination of iOFFICE and SpaceIQ creates the clear leader addressing these needs.
Thoma Bravo is joined by JMI Equity, the previous majority investor in SpaceIQ, as primary investors in the combined company. In addition, Waud Capital Partners, the previous majority investor in iOFFICE, will remain invested in the combined company.
“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,” said A.J. Rohde, senior partner at Thoma Bravo. “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.”
“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,” said Brian Hersman, general partner at JMI Equity. “We’re excited to continue our partnership with SpaceIQ and this newly integrated organization to support their next phase of growth.”
Wain Kellum, CEO of SpaceIQ, will remain as CEO of the newly integrated organization. Mark Peterson, CEO of iOFFICE, will focus on leading iOFFICE through the transition to set the merged company up for success.
“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,” said Wain Kellum. “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.”
Kirkland & Ellis LLP served as legal counsel to Thoma Bravo. Goodwin Procter LLP served as legal counsel to JMI Equity.