Boston, US-based end-to-end tenant experience platform for commercial real estate properties HqO, announced that it has acquired Amsterdam-based Office App, a tenant and employee engagement platform. The new combined entity is valued at over $500M (approx €429.55M).
The acquisition will be finalised in the coming months. Both teams believe that the whole of their two companies will be greater than the sum of their parts.
Workplace experience and analytics platform
Founded in 2014 by Thijs van der Burgt, Office App is a proptech and CRE tech company focused on tenant and employee experience. It provides landlords and corporates with a digital platform to create future-proof, sustainable, and people-focused office spaces.
The company claims that since its inception it has been digitally transforming workspaces, changing the landscape of the modern office, and giving office workers everywhere access to the tools, services, and perks they need to live, work, and be happy. It is currently active in 20 million square feet divided over 100+ offices in 24 countries.
The platform can offer more than 65 modular functionalities in facilities, community, amenities, and services. It also claims to offer the largest suite of functionalities and services available, ranging from room booking, intra-organisation community, access control, maintenance requests, on-demand catering, and local amenities.
Speaking on this acquisition, Thijs van der Burgt says, “Together, we can better serve EMEA landlord and corporate clients, access our combined resources to execute on our short- and long-term strategies, and use our product and vision to support real estate on a global scale.”
Aim of this acquisition
The acquisition will help both companies to leverage their shared knowledge and technology to accelerate product development and continue to provide better services and solutions to commercial landlords and property teams.
Moreover, the Office App acquisition will help HqO increase its European footprint and accelerate product development to better support its customers.
Currently, HqO services over 60 commercial real estate clients globally, including Columbia Property Trust, Nuveen Real Estate, Jamestown, Grosvenor, Hines, Land Securities Group, J.P. Morgan Asset Management, and Legal & General Investment Management. Office App’s customers include Blackstone, Colliers, Dell, and Finastra.
Chase Garbarino, co-founder & CEO of HqO says, “HqO is excited to welcome Office App to the HqO family. Providing tenant experience solutions that end at the suite door does not offer a truly connected experience for workers. Office App has done a tremendous job of building out a robust ecosystem of solutions tailored to the needs of European landlords and corporate occupiers. To that end, we are thrilled to be able to provide our customers a more complete offering with more consultation, higher user engagement rates, and more data.”
Transforming tenant experience
In 2009, Kevin McCarthy, Chase Garbarino, and Greg Gomer started AmericanInno, a digital media and events business company to help bolster the innovation economies of American cities. After selling to Advanced Publications in 2015, they teamed up with Jared Stenquist to start HqO in 2018.
With a strong interest in how technology connects people back to the real world around them, they set their sights on commercial real estate. After launching HqO, the founders began developing technology that connects people back to their local community and the people around them in a more impactful way.
Today, according to HqO, tenant experience technology plays a bigger role in helping transform properties from physical space into communities that offer real value to the workforce. The company is currently active in over 150 million square feet in eight countries.