Israeli start-up WorkplaceIQ has acquired San Francisco-based start-up BayLogics for an estimated several million dollars in cash and shares. WorkplaceIQ develops property and workplace resource management software. BayLogics has developed software customer contract software for real estate companies. The company has served 300 customers to date. Its investors include Apex Venture Partners and Peterson Capital, and raised $18 million to date.
BayLogics had been negotiating with Santa Monica-based Accruent, which also develops contract management software, but the deal did not go through. BayLogics acquired WiseConnect, a supplier of web-based applications for designing, building and managing properties, in November 2001. WiseConnect had raised $5 million before its was acquired.
WorkplaceIQ, formerly called Applicad and Vicusoft, was founded in 1991 by president Giora Shaked. The company develops network interface-based software to manage properties, across the lifecycle of a property from the signing of leases, through the entry of tenants, employee locations and related daily operations. WorkplaceIQ is based in Waltham, Massachusetts and has a development center in Bnei Brak, which employs 40 of the company’s 65 employees.
Shaked said the company bought BayLogics’ assets, including its customer base, but not its liabilities. Six of BayLogics’ employees will join WorkplaceIQ Waltham office, while two will stay in San Diego. “Our web-based product uses an ASP model, while BayLogics’ product is server-client based. We will now be able to offer our customers a choice of the two systems,” said Shaked.
WorkplaceIQ’s investors include Octane Ventures, a consortium of four large real estate management companies, and Israeli venture capital funds Genesis Investment Funds, Vertex Management Israel, Israel Infinity Fund, Cedar Fund and Clal Industries and Investments (TASE: CII). The company has raised $26 million, and raised several million dollars from many of its shareholders to finance the acquisition.
Published by Globes [online] - www.globes.co.il - on October 29, 2002