Building Engines Acquires Ravti
Building Engines, the leading provider of building operations software for modern commercial real estate (CRE), today announced its acquisition of Ravti, an innovative software company for HVAC management. Ravti enables owners, operators and tenants to manage HVAC smarter with a complete inventory view of all HVAC equipment throughout their CRE properties, that helps to streamline and automate lease-driven tenant compliance for HVAC maintenance. Ravti will form the foundation of a new HVAC management module in Building Engines’ Prism, the most modern and innovative building operations software platform in CRE.
While HVAC systems are critical to effective operations, managing them has been challenging and costly for property managers, leasing agents and tenants for a very long time. The need for clear and accurate HVAC data has also been elevated, as systems related to air quality play a central role in health and safety considerations in the wake of the pandemic. In addition, an average 30% of overall annual operating budgets are directed to HVAC in retail and industrial, while in the commercial office, HVAC is 15-20% of the overall annual operating budget.
“Ravti is a disruptive and innovative software company serving CRE and we are thrilled to welcome them to the Building Engines family,” stated Tim Curran, CEO, Building Engines. “Their HVAC management software automates tedious operational functions and complements the existing Prism modules with extremely valuable insights. We continue our strategy of customer-driven additions of products that will increase NOI and elevate building operations to the highest level of service and efficiency.”
Building Engines will utilize the open API of Prism to accelerate the integration of Ravti into the platform. Highlights of Ravti’s capabilities that will enhance Prism include:
- Digitization, tracking and asset tagging of all HVAC inventory data (model, serial, manufactured date, manufacturer, geolocation, refrigerant type, photos, and more) – Taking a previously manual process using spreadsheets/paper records for a landlord/property manager and offering an always up-to-date, centralized database solution.
- Automation of service & maintenance recording – All information related to the unit service and repair details can easily be uploaded by tenants upon request.
- Equipment and vendor marketplace – For HVAC service calls, quarterly maintenance recording and streamline HVAC replacement: Removes the burden of tenant compliance with triple-net leases by using the Ravti vendor marketplace to bid out equipment service and replacement at a competitive price.
- Industry recognized ASHRAE reporting – ASHRAE-based scoring for life expectancy of equipment along with the cost to replace for every unit on every building in a portfolio. This enables better budget justification on major capital expenditures using an HVAC industry life expectancy of equipment scoring model.
- Automated Tenant Compliance – Ravti provides automated software for triple net retail and industrial clients to ensure their tenants are maintaining their HVAC equipment in accordance with their leases.
Building Engines continues to enhance Prism with additional robust features to serve customers’ current and future needs. Ravti is the fourth company to join the Building Engines family since 2018 and represents a crucial part of the company’s build-buy-partner growth strategy. Ravti will remain a valuable stand alone point solution, as well as become a part of Building Engines’ comprehensive Prism platform.
“HVAC is a critical function to successful building operations. Aligning ourselves with Building Engines will enable us to expand our reach and support property managers as part of a comprehensive solution,” said Alex Rangel, co-founder at Ravti. “Their reputation in CRE tech is tops and we are proud to join the exceptional company of their team, world-class customers and innovative partners.”
To learn more about Ravti and how Building Engines plans to move forward with this innovative technology, please join our webinar on January 26 at 2pm EST.