Accruent, a developer of contract management software for retailers, acquired competitor Tequila software Oct. 25 for an undisclosed amount, according to Accruent CEO Mark Friedman. The deal will officially be announced at the National Retail Tenant Association’s trade show in Fort Lauderdale starting Oct. 31.
Currently, both companies sell software that helps large retailers with extensive portfolios manage their leases. While it will discontinue the Tequila name, Friedman said Accruent plans to continue providing maintenance for Tequila’s flagship product, Retail Lease. Tequila counts Office Depot, GNC and Radio Shack as some of its customers. With the purchase of Tequila, Accruent will now serve 43 of the top 100 US retailers with a total of 325 customers.
In addition, the company plans to incorporate elements of Retail Lease into their current retail real estate lifecycle software, cmRealEstate. “Ultimately a new generation of the product will be released that combines the best of theirs with the best of ours,” said Friedman.
CmRealEstate handles the entire lifecycle of a retail site including site selection, construction, management and renovations.