Proptech Firm HqO Acquires Smart Building Platform Symbiosy
By Tom Acitelli January 10, 2024 12:26 pm
reprints
HqO, a real estate software company that raised more than $50 million in Series D funding in October to continue to grow its workplace technology offerings, looks to have spent some of that cash.
The Boston-based firm announced Wednesday morning that it had acquired Symbiosy, a European platform for building-management technology, from parent HB Reavis. Symbiosy’s data management and visualization tools, among other technologies, are especially used in buildings in London, Berlin and Warsaw, according to HqO.
Terms of the acquisition were not disclosed except that HqO will continue to use Symbiosy’s technology in the properties of HB Reavis’ clients.
“We are excited to bring Symbiosy’s intimate knowledge of the built environment and the people within it to our customers as we continue to scale and innovate our occupier product offerings,” HqO co-founder and CEO Chase Garbarino said in a statement.
HqO’s acquisition of Symbiosy is the Boston company’s third acquisition in two years, it said. In June 2022, HqO acquired Leesman, which measures employee experience in a workplace. Five months later, it took over Office App, a firm that facilitates technology meant to streamline the experiences of tenants and workers.
The latest deal also comes at the start of a 2024 that promises to be full of mergers and acquisitions in proptech. Commercial Observer surveyed proptech principals and venture capitalists toward the end of 2023, and M&A was near the top of the list of anticipated trends as funding shrinks and smaller operators with less marketable offerings go under.
Tom Acitelli can be reached at tacitelli@commercialobserver.com.
