Lucernex acquired by Accruent, LLC to Boost the Adoption of new FASB/IASB Lease Reporting Guidelines, and Address a $3 Trillion Balance Sheet Problem
San Diego, CA (August 15, 2017) - HCAP Partners, a California-based mezzanine debt and private equity firm, announced today that it has exited its investment in Lucernex, Inc. (“Company”), a leading, global provider of cloud-based, Integrated Workplace Management Systems (IWMS). Lucernex was recently sold to Accruent, LLC, which is headquartered in Austin, TX. Terms of the transaction were not disclosed. Tim Bubnack, Managing Partner, and Nicolas Lopez, Principal, managed HCAP Partners’ investment with Lucernex and were active with the Company as a board director and board observer, respectively.
Founded in 2000, Lucernex is a leading, global provider of cloud-based, Integrated Workplace Management Systems (IWMS), including advanced solutions for organizations in any industry seeking FASB/IASB compliant real estate and equipment lease accounting software. Its solutions, which include site selection, lease administration and project management, complement Accruent’s market-leading facility management, predictive maintenance and IoT-based equipment control. The integration of Lucernex is expected to be completed this year. Customers will see no interruption to support and services, and will be invited to attend a series of webinars welcoming them to Accruent and presenting its product and technology vision.
“HCAP has been an integral and valuable partner in supporting the Lucernex employees and the growth of our platform,” stated Robert Abdul, Lucernex’s Interim CEO. “Their support gave us the edge we needed to continue innovating and leading the industry in areas such as FASB/IASB compliant solutions and cloud platform.”
Tim Bubnack, Managing Partner, commented, “Since our initial investment, Lucernex had done a fantastic job building out its platform and growing its business with new customer accounts. We were very pleased to work with the founders and team to support the successful growth of Lucernex’s FASB/IASB compliance solutions in the marketplace. We look forward to their continued success and growth with Accruent.”
About Lucernex, Inc.
Founded by the industry innovators, Lucernex™ provides proven cloud-based real estate lifecycle management as well as financial contract and compliance solutions to companies in more than 70 countries across 5 continents. With a 99% client retention rate, the Lucernex solutions help more than 180 brands in tens of thousands of locations globally drive growth, manage capital and access real-time data for strategic decision making leading to increased shareholder value. Lucernex is the market leader in helping customers mitigate risk through regulatory compliance of the new FASB and IASB guidelines. For more information visit www.lucernex.com.
About Accruent, LLC
Accruent provides software and services that enable organizations to shape, drive, manage and control their physical assets. Accruent’s solutions are at work in more than 5,800 leading organizations worldwide, including 40 of the top 100 retailers, 25 percent of the Fortune 500, 40 percent of leading universities, all 4 of the top U.S. wireless carriers, 55 percent of U.S. hospitals as well as leading service providers managing more than 15 billion square feet of property. Founded in 1995, Accruent is headquartered in Austin, Texas, with locations across the U.S. and in Canada, China, India, Israel, Germany and the United Kingdom. For more information, visit www.accruent.com.
About HCAP Partners
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $9 million in established businesses generating between $10 million and $75 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since it was founded and through ongoing, active engagement with portfolio companies the team at HCAP Partners provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund four years running and, through its Gainful Jobs Approach, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. Partners Tim Bubnack, Morgan Miller, Frank Mora, and Principals Hope Mago and Nicolas Lopez lead HCAP Partners’ investment team. For more information, please visit www.hcapllc.com or call (858) 259-7654.