Creating the leading platform in Europe to manage all building connectivity
Trondheim, Norway / Gothenburg, Sweden, March 18, 2021
Property management specialists IWMAC and Egain are now joining forces to become leaders within proptech in Europe. The vision of the new company is to make a big impact in the fight against climate change by offering the smartest and most cost-efficient proptech platform on the market. Through innovative connectivity that monitors, controls and optimizes both the use of energy and organisations, Europe’s existing building mass is now set to become part of the solution for the future.
Buildings account for 40% of Europe’s emissions – mainly arising from heating and cooling – and 75% of all buildings are energy inefficient, with forecasts indicating that as much as 95% of today’s building mass will still be in use 50 years from now. What this means is that optimization of energy consumption in buildings will inevitably play a key role when it comes to reducing greenhouse gas emissions by 55% by 2030, which is the ambition of the EU.
For the new company, this challenge represents an enormous opportunity. Around 6,000 commercial, residential and public buildings as well as 3,000 grocery stores in Northern Europe are already daily users of either IWMAC or Egain solutions for energy control and efficiency, with particularly strong presence in Norway and Sweden.
Based on efficient data capture across the retail, industry, commercial and residential sectors, the new company offers infrastructure that includes service layers and end-user solutions aggregating all building data to provide value-adding applications and tools that support operators in their decision-making and property management processes.
“With proven solutions already implemented at 9,000 facilities across Europe, we are well-positioned to expand our customer base across Europe” says Trond-Øystein Bjørnnes, who has been appointed as the CEO of the new company. “As property owners are facing increasingly ambitious sustainability targets, intelligent digitalization of both new and old buildings on a unified and flexible platform is a very attractive way of reducing energy and resource waste” explains Bjørnnes.
In 2020 the combined turnover of IWMAC and Egain exceeded € 16 million and the new company will initially have offices in 7 countries with a total of 120 employees. This is only the beginning and the current merger will be followed by acquisitions of other prominent proptech specialists on the European arena, continually growing the company’s market share under a new brand name that will be announced in the near future.
The common goal is the documentation and optimization of energy consumption in all types of buildings, as well as specialized and market-leading solutions for refrigeration in food retail and processing.
“Merging IWMAC and Egain creates a fantastic opportunity to grow further. After all, we enable our customers to significantly improve profitability, while reducing emissions and waste at the same time”, says Kent Zehetner from Pivot Invest, who will be board chair of the new company.
Summa Equity, an award-winning Nordic investment firm focusing on companies that address global challenges, was majority owner of Egain prior to the merger. Gisle Glück Evensen, partner at Summa, says the timing was good for the merger and that IWMAC and Egain complement each other in a way that perfectly matches new customer needs. Summa will continue as a large owner of the new company.