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Facilities Management Software M&A: Fexa Acquires Trakref

April 6, 2023 by Joe Panettieri

Fexa has acquired Trakref, a "provider of refrigerant tracking and management software that simplifies compliance and ESG reporting," the buyer said. Financial terms of the deal were not disclosed.

Related: See all M&A deals involving sustainability consultancies listed here.

Software to Track Refrigerant Emissions

Kurt Smith, CEO, Fexa

Fexa develops a facilities management software platform that's deployed across more than 1.8 million facility locations worldwide. The company, based in Mullica, New Jersey, was founded in 2011. Fexa had 65 employees listed on LinkedIn as of April 2023.

Trakref develops refrigerant tracking and management software to assist customers with compliance and operations mandates. The company, based in Nashville, Tennessee, was founded in 2011. Trakref had 16 employees listed on LinkedIn as of April 2023.

The M&A deal surfaced roughly eight months after Fexa raised $40 million from private equity firm Mainsail Partners. Fexa in July 2022 said it planned to use the capital to "accelerate the development of product features, enhance integration capabilities, and broaden industry partnerships."

Together, Fexa and Trakref want to help customers track and reduce refrigerant emissions -- especially as the EPA and SEC seek to mandate auditable refrigerant reporting.

Fexa Acquires Trakref: Executive Perspectives

In a prepared statement about the deal, Kurt Smith, CEO of Fexa, said: “Fexa was founded on the principle that innovative technology can play an essential role in helping companies maximize the potential of their facilities. We felt uniquely positioned to help the industry solve the immediate challenge of tracking and managing refrigerants. We did an exhaustive search for the best solution to solve this problem, and it became clear that there is no equal to Trakref’s rules engine in terms of providing a fully compliant, audit-ready solution. Ensuring a seamless transition for all customers and partners is our top priority.”

Smith offered additional perspectives in this blog.

Ted Atwood, founder, Trakref

Added Ted Atwood, founder of Trakref “We are ecstatic to join forces with Fexa, who believes in our mission of slowing climate change through better refrigerant tracking and management and helping clients gain control over their HVAC/R activity,” said Ted Atwood, founder of Trakref and now chief compliance and sustainability officer of Fexa. ”We remain committed to creating innovative solutions to stop costly refrigerant leaks for the planet's health and the safety of people everywhere. We will continue to work with a broad group of constituents, clients, and partners as we pursue this vision.”

Atwood now shifts to chief compliance and sustainability officer of Fexa.

Concluded Chris Jernigan (CJ), executive managing director of Cushman & Wakefield Facilities Solutions: “We have seen how the Fexa CMMS platform has helped multi-site businesses manage their facilities more cost-effectively. The Fexa platform is extremely efficient and created more than a 35% reduction in clicks to process a work order within my organization. The addition of Trakref is a natural evolution of their platform, as refrigerant compliance will require tight coordination between facilities managers, service providers, and HVAC/R assets. I have first-hand experience with both platforms, and the possibilities of this partnership are very exciting for our clients. It’s the true definition of synergy being created between two great solutions. Fexa should be commended for listening to the market in terms of the real needs of facility managers and taking action to bring this solution together all within one platform.

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