Real estate services provider JLL has agreed to purchase US-based property management software developer Building Engines in a $300m cash deal marking an exit for insurance firm Massachusetts Mutual Life.
Building Engines’ Prism software allows managers of commercial real estate (CRE) to interact with their tenants and easily arrange and carry out functions like building maintenance and manage critical operations and risk. It claims to currently have over 1,000 customers on its platform.
Massachusetts Mutual Life’s corporate venturing unit, MassMutual Ventures, took part in a $26.5m growth equity round for the company in 2016 that was led by Wavecrest Growth Partners and also backed by River Cities Capital Funds, Hermes GPE and Camber Creek.
The same investors, with the exception of Hermes GPE, followed up with $12.7m in funding in late 2019, with Wavecrest once again leading the round.
Tim Curran, Building Engines’ chief executive, said: “The building operations software landscape has become highly fragmented, leading to a disconnected experience for investors, operators, tenants and occupants.
“Our open platform and growing suite of product modules aims to solve this, with solutions that have proven to be indispensable for CRE operators and investors. By joining forces with JLL, we can deliver on that vision faster, at scale and become the system of record for building operations worldwide.”
