Condeco Acquisition: Key Details, Impact, and What Comes Next

The acquisition of Condeco by Eptura marks a significant milestone in the workplace technology sector. This strategic move aims to create a global leader in worktech solutions, addressing the evolving needs of modern workplaces. By combining their expertise, Eptura is set to offer a comprehensive portfolio of products, enhancing efficiency and collaboration in hybrid work environments.

What Is Condeco?

Founded in 2005, Condeco specializes in room booking and scheduling software solutions. Their core products include Schedule, Book, and Manage, which facilitate workspace scheduling, desk and meeting room booking, and comprehensive workspace management. Unique selling points include enterprise-grade technology, a user base of 6.5 million worldwide, and certified secure software supported by Microsoft. Condeco is recognized as an industry leader, offering user-friendly tools optimized for hybrid work environments.

Who Acquired Condeco?

Eptura is a global worktech company that connects people, workplaces, and assets through a unified platform. Key products include Eptura AI for automating work processes, Eptura Asset for facility operations, and Eptura Visitor for visitor management. The company also offers Eptura Workplace for optimizing office space and Archibus by Eptura for managing portfolios. Eptura holds a strong market position, powering 45% of the Fortune 500 and achieving 'leader' status in multiple analyst categories.

When Was Condeco Acquired?

Eptura acquired Condeco on October 4, 2022. This acquisition occurred during a period marked by a significant shift towards hybrid work models, driven by the COVID-19 pandemic. The demand for advanced workplace technology solutions was at an all-time high, with businesses seeking tools to manage office spaces and improve collaboration. The merger aimed to address these evolving needs, positioning Eptura as a leader in the rapidly growing worktech market.

Why Was Condeco Acquired?

• Market Expansion: The acquisition of Condeco by Eptura significantly broadens Eptura's market reach. The merger creates a global worktech leader with a total addressable market of $25 billion, serving over 16,000 companies worldwide, including major firms like Slack, Zoom, Nasdaq, and Johnson & Johnson. This strategic move allows Eptura to compete more effectively in a fragmented market, enhancing its global footprint.
• Technology Integration: Eptura benefits immensely from integrating Condeco's advanced workspace scheduling software with its existing solutions. The combined entity offers a comprehensive portfolio of more than nine products, including Archibus, which can be easily integrated into any workplace. This integration enhances Eptura's technological capabilities, providing a unified platform that addresses the complexities of hybrid work environments.
• Competitive Advantage: The merger strengthens Eptura's position against competitors by creating a comprehensive worktech solution. The combined expertise and product offerings of Condeco and iOffice + SpaceIQ position Eptura as a leader in the modern workplace technology sector. Backed by private equity firms Thoma Bravo and JMI Equity, Eptura is well-equipped to accelerate the development of new worktech solutions, enhancing its ability to innovate and meet the evolving needs of the modern workplace.

Acquisition Terms

• Acquisition Price: The terms of the transaction were not disclosed.
• Payment Method: The payment method is not specified.
• Key Conditions or Agreements:
  • Thoma Bravo and JMI Equity will remain the primary investors in Eptura.
  • Brandon Holden will serve as CEO of Eptura.
  • Paul Statham will join Eptura's board of directors and continue working with Thoma Bravo.
  • The merger aims to create a global leader in workplace technology and asset management solutions.
  • Legal counsel was provided by Kirkland & Ellis LLP for Thoma Bravo and Goodwin Procter for JMI Equity.

Impact on Condeco

The acquisition of Condeco by Eptura has led to significant changes in operations and management. Brandon Holden, previously CEO of iOffice + SpaceIQ, now serves as CEO of Eptura, while Paul Statham, Founder & CEO of Condeco, has joined Eptura's board of directors. The combined entity is headquartered in Atlanta, with major regional offices in London and Melbourne. This merger has streamlined operations, creating a unified leadership structure aimed at accelerating the development of new worktech solutions and enhancing user experience.

In terms of product offerings, the merger has expanded Eptura's portfolio to include a comprehensive suite of workplace technology and asset management solutions. The integration of Condeco's advanced workspace scheduling software with iOffice + SpaceIQ's capabilities has resulted in a robust platform that addresses the complexities of hybrid work environments. While specific employee reactions are not detailed, the merger has been framed positively, with a focus on meeting the evolving needs of modern workplaces. Customers, including major firms like Slack and Zoom, are expected to benefit from the enhanced capabilities and comprehensive solutions offered by Eptura.

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