October 5, 2022
Condeco and iOffice + SpaceIQ announce merger
Investment firm Thoma Bravo has announced the merger of Condeco, a provider of workspace scheduling software with workplace and asset management firm iOffice + SpaceIQ to create a new business called Eptura. The firm claims that the “strategic combination creates a global worktech leader that provides software solutions to power the modern workplace”. The merger follows previously announced investments in Condeco and iOffice + SpaceIQ by Thoma Bravo and JMI Equity, who will remain the primary investors in Eptura. Terms of the transaction have not been disclosed.
“The modern workplace is rapidly evolving, and businesses are demanding new worktech solutions that make adapting to the future of work easier for everyone,” the firm claims. “With a total addressable market of £22 billion, Eptura’s combined solutions bring the collective knowledge, depth of experience and comprehensive portfolio of more than nine products together to meet the challenges of the global workplace with a unified technology experience. Eptura’s solutions can be easily integrated into any workplace and offer an extended ecosystem of partnerships – providing the most adaptable solution.”
The combined company’s new brand reflects its unique ability to strategically respond to the dynamic needs of the modern employer and hybrid workplace. Eptura™ stands for ‘the epicentre of the future at work’, underscoring the company’s ability to accelerate the development of new worktech solutions and enhance the user experience.
Brandon Holden, CEO of iOffice + SpaceIQ, will serve as CEO of Eptura. Paul Statham, Founder & CEO of Condeco, joins Eptura’s board of directors and will continue working with Thoma Bravo. Headquartered in Atlanta, Georgia, and with large regional offices in London, UK, and Melbourne, Australia, Eptura has over 1,000 employees across the globe, 16.3 million users and a customer base spanning more than 16,000 of the world’s leading companies.
“With the proliferation of hybrid work, there is an unmet need for technology solutions that enable businesses to adapt to the changing needs of the workplace,” said Brandon Holden, CEO of Eptura. “By combining the power of our expertise and products, Eptura provides a comprehensive solution for business leaders who recognise the importance of keeping people at the centre of the workplace of the future. I couldn’t be more excited to lead Eptura as we deliver on our mission to empower the workplace of tomorrow.”
“This combination ushers in the next generation of workplace technology by unifying the best of breed software across asset management, integrated workplace management systems and workplace experience solutions,” said Paul Statham. “Bringing together two exceptional teams with unmatched product suites, Eptura is poised to build upon the leadership of Condeco and iOffice + SpaceIQ by accelerating the joint development of new worktech and unlocking even more possibilities for our customers and offering wider opportunities for global growth.”
“We have been lucky enough to be partners to both iOffice + SpaceIQ and Condeco for over a year now and combining these two great companies creates the clear category leader for the modern workplace,” said A.J. Rohde, a Senior Partner at Thoma Bravo. “The level of innovation the company can drive for customers will be very exciting, and we are thrilled for Eptura to begin that journey.”