Tango, a Dallas-area provider of lifecycle management and integrated workplace management software, is poised to propel its next stage of growth with a majority investment in shares of Berkshire Partners.
Offering analysis and consulting expertise, Tango helps businesses plan, find and manage locations with its cloud-based software as a service solution.
Founder, President and CEO Pranav Tyagi calls the new owner a “milestone” in the company’s evolution. Founded in 2008, Tango currently serves 150 clients in the financial services, retail / foodservice, healthcare, high tech and manufacturing end markets. Its solutions encompass site selection, project management, lease administration and accounting, facility maintenance and space management.
But its software platform is the foundation for these solutions: the company calls it a “one-stop-shop for all location information” for sites, stores, offices, production facilities and leases.
“Location is everything, from retail stores to corporate offices,” the company says. By combining predictive analytics with GIS, the Tango platform can analyze location opportunities, choose the right sites, and help customers “open them faster”.
Ready for the workplace 2.0
With its plans for growth, Tango has its eyes on trends in the workplace. The widespread adoption of hybrid work models has led to a request in the company’s office reservation and room reservation tools, the company said earlier this fall. Its management solution, Tango Reserve, allows companies to manage their space “while learning, in real time, how to achieve target utilization and optimization rates while providing the best employee experience”.
With majority stake from Berkshire Partners, a Boston-based company that has made more than 135 private equity investments since its inception, Tango plans to consolidate its leadership position in the market by accelerating its growth in the United States and the United States. ‘international.
The amount of the investment was not disclosed. Tyagi, the Tango management team and Frontier Growth will continue to hold stakes in the company. Frontier previously invested a minority stake of approximately $ 30 million in Tango.
“This capital will play a central role in opening the next chapter in our growth story as we seek to take Tango to the next level,” Tyagi said in a statement. “We are honored to welcome Berkshire as an investor and look forward to benefiting from the knowledge of their investment professionals and portfolio support. “
Prepare for the proptech boom
The company, which has partnered with over 1,000 leading brands, names CBRE, Accenture, Cushman & Wakefield, BP, Wyndham, Yum, Wendy’s, Panera Bread, Whole Foods Market and many more on its website.
Today, its cloud-based SaaS and mobile solution is used in 140 countries, but according to the company, it plans to expand in the rapidly evolving real estate technology market.
Tango offers real estate and facility solutions for predictive analytics, transactions, projects, rental, space, reservations and maintenance, all in a multi-tenant cloud architecture that has a single code base .
Virtual innovation hub
Last year, Tango launched a virtual innovation center to explore technologies that could bring value to retail businesses and businesses. The efforts, TangoLabs, continued its mission of pioneering innovations that integrate data science, AI and ML to meet needs in real estate, he said.
Berkshire Partners plans to partner with Tyagi and the rest of the team to support its “commitment to product innovation and sustained growth”, particularly in the advanced technology market. The 35-year-old company is used to working with management teams to develop the companies in which it invests.
“In a post-COVID world, active property and facility management is more important than ever, and businesses need solutions to help them stay in tune with a dynamic environment,” said Jon Nuger, director of Berkshire Partners, in a statement.
“Given Tango’s position in the market and the unique solutions it provides to a range of premier customers around the world, we see Tango as a disruptive innovator with significant potential to generate more value. . “
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