M&A Deal Summary

Jones Lang LaSalle Acquires Building Engines

On October 21, 2021, Jones Lang LaSalle acquired software company Building Engines from Wavecrest Growth Partners and Wellfleet Capital Partners for 300M USD

Acquisition Highlights
  • This is Jones Lang LaSalle’s 1st transaction in the Software sector.
  • This is Jones Lang LaSalle’s 4th largest (disclosed) transaction.
  • This is Jones Lang LaSalle’s 15th transaction in the United States.
  • This is Jones Lang LaSalle’s 2nd transaction in Massachusetts.

M&A Deal Summary
Date 2021-10-21
Target Building Engines
Sector Software
Buyer(s) Jones Lang LaSalle
Sellers(s) Wavecrest Growth Partners
Wellfleet Capital Partners
Deal Type Add-on Acquisition
Deal Value 300M USD
Advisor(s) William Blair (Financial)

Target

Building Engines

Boston, Massachusetts, United States
Building Engines develops, deploys, hosts, and maintains a broad spectrum workflow, data collection, messaging, and operational support system for facility managers in commercial real estate and healthcare facilities. Building Engines was founded in 1999 and is based in Boston, Massachusetts.

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Buyer(S) 1

Buyer

Jones Lang LaSalle

Chicago, Illinois, United States
Category Company
Founded 1997
Sector Real Estate
Employees108,000
Revenue 20.8B USD (2023)
DESCRIPTION

Jones Lang LaSalle is a provider of property and corporate facility management services, with a portfolio of over 1.1 billion square feet worldwide. Jones Lang LaSalle was founded in 1997 and is based in Chicago, Illinois.

DEAL STATS #
Overall 26 of 32
Sector (Software) 1 of 1
Type (Add-on Acquisition) 25 of 31
State (Massachusetts) 2 of 2
Country (United States) 15 of 20
Year (2021) 2 of 2
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-11 Skyline AI

Tel Aviv, Israel

Skyline AI is an artificial intelligence technology company transforming real estate by using a proprietary ensemble of machine learning models to gain a competitive advantage in the origination and analysis of commercial real estate. Skyline AI was founded in 2017 and is based in Tel Aviv, Israel.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-06 Hank

McClellan Park, California, United States

Hank is a virtual engineering platform powered by artificial intelligence (AI) that autonomously optimizes the management systems of commercial buildings to deliver increased comfort, air quality and energy savings. Hank was founded in 2016 and is based in McClellan Park, California.

Buy -

Seller(S) 2

SELLER

Wavecrest Growth Partners

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2016
Size Middle-Market
Type Sector Focused
DESCRIPTION

Wavecrest Growth Partners is a private equity firm that looks to acquire B2B software and technology companies with $5 to $25 million of revenue. The Firm seeks companies where the founder is at an inflection point in taking the business to the next level. Wavecrest Growth Partners was formed in 2016 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 1 of 1
Sector (Software) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-28 Login VSI

Boston, Massachusetts, United States

Login VSI specializes in automating and managing desktop environments using various virtualization techniques. Login also offers services (“managed service”) and sells self-developed software products in the field of virtualization. Login VSI was founded in 2002 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-30 Collage Group

Bethesda, Maryland, United States

Collage Group is a cultural intelligence company supporting over 200 iconic U.S. brands in their efforts to unleash the power of culture to drive brand growth. Through their consumer insights, data, tools and best practices they work with marketing and insights professionals to help them more effectively and efficiently understand, reach and engage diverse consumers. Collage Group is based in Bethesda, Maryland.

Buy -
SELLER

Wellfleet Capital Partners

Cambridge, Massachusetts, United States

Investor

Category Merchant Bank
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Wellfleet Capital Partners is a merchant banking firm focused on advising and investing in lower middle-market businesses with $10 to $150 million in revenues and EBITDA of at least $1.5 million. The Firm looks for companies with defensible market positions and high operating margins. Sectors of interest include business services, branded consumer products, healthcare, food/beverage, niche manufacturing, and value-added distribution. Wellfleet will consider opportunities throughout the US and Canada. The Firm was formed in 1995 and is based in Cambridge, Massachusetts.

DEAL STATS #
Overall 4 of 4
Sector (Software) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Massachusetts) 3 of 3
Country (United States) 4 of 4
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-13 Senior Whole Health

Cambridge, Massachusetts, United States

Senior Whole Health LLC is a privately-held company offering intensive, integrated case management services for Medicare/Medicaid dual eligibles and Medicare Part D. Senior Whole Health was founded in 2004 and is based in Cambridge, Massachusetts.

Sell -
Mergr

Product

Company

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