Headquartered in Boston, Massachusetts, Building Engines, Inc is a SaaS commercial real estate (“CRE”) property management software company, helping clients manage over 2 billion square feet of commercial, retail, medical office, industrial and mixed use portfolios in North America. Its web and mobile property management platform helps property operations teams improve service delivery and tenant satisfaction, mitigate operational risk, connect with tenants, and maintain their properties and equipment, using performance‐based insights gathered from day‐to‐day task completion.
In order to execute on their strategic initiatives and growth plans, Building Engines turned to Wells Fargo for support, recognizing our financing expertise in the software space. Our team gave the time and care necessary to understand the business and learn their specific needs, then structured a $22.5 million senior secured credit facility, which served to refinance existing debt and finance and support ongoing M&A activity and future working capital needs.
Tim Curran: Building Engines is a software company focused on the commercial real estate industry. Our software is focused on building operations and allowing the property managers to operate the building excellently. Using Building Engines to communicate and to maintain that building really results in a super happy tenant yet a really efficient property operations as well.
Boston has a long history of tech innovation and the city-supported innovation, great universities with absolutely phenomenal innovation centers of their own, so I think we’ve had a forty, fifty year history of great innovation in Boston, which has really been a great place to grow our business.
We searched the market for the best provider of debt capital for Building Engines and selected Wells Fargo.
Tiffany Ormon: Not every company needs the exact same solution, and what Wells Fargo is expert at is identifying what our customer needs and specializing or customizing a solution that fits that need. And that is what Tim picked up on as he started to grow his relationship with us, as we started to have more conversations, as he started to realize just how much we understood his business, and how much we could provide a solution that was going to support that business.
Tim Curran: One of the things we really appreciated about Wells Fargo was their focus on the technology market space, on software companies like ours, so we clearly saw a bank that understood our industry, understood how we were going to grow, the nature of our business.
Tiffany Ormon: We have a lot of insight, and that becomes valuable to our clients as they’re thinking about their next transaction, or their investment, or their return.
Tim Curran: It’s been excellent just bouncing ideas off the Wells Fargo team, getting understanding of valuations, what’s going on in the market, what is the appropriate amount of debt, and it’s been really helpful to have that perspective and expertise available to us. So it’s not just the product and the rate and the amount of capital that we’re allowed to borrow and draw down and so on. It IS about understanding each other, communicating, getting to know each other, Wells Fargo understanding our business, how we’re operating, what our goals are and looking out for us.
Tiffany Ormon: We’re there alongside you the entire way, and that’s a journey we’re going to take with you.
Tim Curran: Just like our customers not only buy our product but trust us as people to provide them with a great solution and always be there for them, same for Wells Fargo. That’s what we’re wanting and expecting from Wells Fargo, and they’re absolutely delivering.
(Wells Fargo Logo graphic with disclosures):
“Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receiveable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries.”
“2019 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval.”