Siterra Corporation Acquires WorkplaceIQ; Fortifies Real Estate and Asset Lifecycle Management Solution
Siterra Extends Category Leadership Across Industries
NOVATO, Calif. — September 27, 2005 — Siterra Corporation, the leading provider of project, document and property management solutions for companies that manage large numbers of high value real estate and operating assets, today announced that it has acquired WorkplaceIQ (WPIQ), a leading solutions provider for the Retail 500, Global 5000 and commercial real estate markets. Like Siterra, WPIQ has been committed to delivering technology solutions that increase efficiencies, decrease costs and transform the way customers conduct business, ultimately allowing them to be more competitive.
A primary driver of Siterra's decision to acquire WPIQ was their best-of-breed lease management software, used by hundreds of retailers and corporations to drive costs out of their lease administration processes. At present, WPIQ software solutions manage more than 6 billion square feet and 250,000 leased and owned facilities around the world. The combined assets will expand the breadth and depth of Siterra solution offerings, enabling the company to further solidify its position as the ubiquitous solution in the wireless industry and more rapidly establish itself as the leading real estate lifecycle management provider across other industries.
"WorkplaceIQ has helped hundreds of brand name organizations generate millions of dollars in bottom line profits by improving operational efficiencies," said Bernard Fried, CEO of Siterra. "The solutions that WorkplaceIQ and Siterra offer are complementary as are our combined resources. We look forward to cooperatively providing significant strategic advantages to our customers."
The WorkplaceIQ comprehensive lease administration capabilities enable organizations to create, track and manage real estate portfolio information easily, accurately and efficiently in a single Web-based system. Leases, properties, organizational units, projects, transactions and budgets are all dynamically managed to provide an overall view of site-centric data, including critical dates, renewal options, lease clauses, financial data and facilities data. Proactive tools like automatic alerts sent via email, pager or cell phone ensure clients will not miss critical dates, make over-payments, or incur needless penalties. Robust financial functionality provides for percentage rent calculations, CAM reconciliations and seamless integration with corporate ERP accounting systems.
"Siterra is committed to continued investment in product development efforts," said Bernard Fried. "Our goal is to exceed customer expectations through constant innovation and strategic acquisitions."
Siterra Corporation is the leading provider of Web-based, collaborative software solutions for the lifecycle management of property and operating assets in the wireless, retail, corporate real estate and energy markets. Founded in 2001 and backed by leading technology investment firms, Siterra uniquely enables organizations with geographically dispersed assets to accelerate the development and construction of new sites and properties and streamline their leasing, ongoing operation and maintenance activities, significantly increasing their return on investment. Siterra's solutions are used in connection with more than 300,000 properties and assets worldwide for companies of every size. For more information, please visit www.siterra.com.