Tango, backed by Berkshire Partners, has acquired WatchWire, a sustainability management software company that allows facilities and building management customers to track energy, water, waste, and carbon emissions data. Financial terms of the deal were not disclosed.
Tango Acquires WatchWire: Sustainability Software for Buildings and Real Estate Management
Tango, founded in 2008, is based in Dallas, Texas. The company develops Store Lifecycle Management and Integrated Workplace Management System software. The solution supports real estate, energy and sustainability management, design & construction, lease administration & accounting, facilities, desk booking, visitor management and space management. The company serves customers in such markets as financial services, retail/restaurant, healthcare, high tech, and manufacturing.
WatchWire, founded in 2000, is based in New York City. The company's SaaS-based software platform supports sustainability and energy management software-as-a-service (EMSaaS) provider. WatchWire's platform has $3 billion in annual energy and water spending under management. That figure includes more than 19,000 buildings and over 1 billion square feet under management.
The combined Tango-WatchWire business will serve over 500 customers in more than 140 countries.
Tango Acquires WatchWire: Executive Perspectives
In a prepared statement about the deal, Tango CEO Pranav Tyagi (pictured, top of page) said: “Faced with a rapidly changing macro and regulatory environment, active sustainability and energy management has become essential to long-term organizational success. 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.”
Added WatchWire CEO Andy Anderson: “We are excited to be joining the preeminent real estate and facilities management solution in the industry. 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.”
Concluded Jon Nuger, a managing director at Berkshire Partners: “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. 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.”
Sustainability Software M&A: Recent Deals
M&A activity in the sustainability and building management software markets remains steady to strong.
For instance, EcoOnline, backed by private equity firm Apax Partners, acquired Ecometrica in July 2023. Ecometrica develops a sustainability software platform to help customers measure, report and monitor their greenhouse gas (GHG) emissions.
Funding in the ESG software market has also generated some activity. Example deals include:
Measurabl, which develops an ESG technology platform for real estate, has raised $93 million Series D funding.