MID-YEAR REPORT - Continental Automated Buildings Association
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SUPPORT & SPONSORSHIP INNOVATION SPONSORS TECHNOLOGY SPONSORS TITLE SPONSORS SERVICE PROVIDERS ALLY SPONSORS PARTNERS SUPPORT & SPONSORSHIP 1
TABLE OF CONTENTS 1 SUPPORT AND SPONSORSHIP 2 TABLE OF CONTENTS 3 INTRODUCTION 4 RESEARCH AND ANALYSIS 10 CRE // TECH COMPANY DATA TABLE OF CONTENTS 2
INTRODUCTION I am extremely proud to welcome you to the 2017 CRE // Tech Mid Year Report, the first one produced under our ownership. As a long time admirer and supporter of CRE // Tech and specifically of Pierce Neinken, now our partner at The News Funnel, it’s a great personal honor to be presenting this Report to the commercial real estate tech community. Being a Founder of a few startups of my own in the CRE space, this Report was always something of great value to me providing incredible insights, data and trend lines surrounding the tech sector in our industry. Honestly, it was my “bible” and extremely influential in helping design my own playbook for my sites. We are fortunate to once again have Anthony Dominguez, CEO, AtlasX as this year’s Co-Editor. This is the second year Anthony helped create this Report and we are very grateful to have someone of his caliber lead this effort for our community. Our mission at CRE // Tech remains what it was when Pierce founded it in 2013, a grassroots effort that grew into a national movement…to be the catalyst for creating a vibrant, growing and dynamic commercial real estate tech ecosystem. Through our reports, events and content, our entire organization is committed to expanding the commercial real estate tech community. Whether it’s connecting at an event, writing about the innovators/influencers or creating in depth reports, our goal is to help the industry at large discover and harness the power of technology in their own business. From my own perspective, looking at the commercial real estate tech sector from the lens of my six years in the space, it’s incredible how far we have come. And, how far we still have to go. Indeed there are some real challenges to succeeding in this space, but there are also such amazing opportunities as well. I am humbled and struck by the genuine support our industry shows one another day after day. The collaboration, networking, sharing and alliances that are being formed every day are what is truly propelling the industry forward. And that remains my personal goal as the now head of CRE // Tech…to do all I can to make the commercial real estate tech sector a viable business for everyone in the space. I hope you enjoy this report, discover the amazing startups profiled and that we can connect at one of our upcoming conferences. Thank you for your amazing support, Michael Beckerman CEO CRE // Tech INTRODUCTION 3
ANALYSIS The CRE // Tech Mid-Year Report analyzes employment, funding and overall development of the commercial real estate technology sector from 2013 to June 2017. At CRE // Tech, we place a great deal of importance on providing the ecosystem with critical data and analysis on the intersections of commercial real estate and technology. Our goal with this Report is to ensure that startups, investors, commercial real estate professionals and thought-leaders have the best information on the commercial real estate tech sector so that they can continue to make the most informed decisions and in doing so, continue to help the ecosystem thrive in the future. Anthony Dominguez Tech Report Editor CRE // Tech ANTHONY DOMINGUEZ Anthony Dominguez is the CEO of AtlasX, deal management software for commercial real estate acquisitions and dispositions. Dominguez has worked on over $1 billion of commercial real estate @tonydominguez transactions on behalf of public REIT’s and private owners, and is a self-taught programmer in anthony@atlasx.co multiple tech stacks. ADDITIONAL CONTRIBUTORS JONATHAN KIM Student at Boston University, Business Administration ARAM BAGHDASSARIAN Student at Cornell University, Computer Science ANALYSIS 4
ANALYSIS DATA SOURCES CRE // Tech uses publicly available data from Crunchbase, AngelList, LinkedIn, Securities & Exchange Commission, Traxcn, Twitter, World Economic Forum, and Bureau of Labor to present the closest possible representation of the ecosystem. TOTAL EMPLOYEES BY VALUE CHAIN 5000 4000 3000 2000 1000 0 IC & N EN TY EN ITY GE D S G EN ER N G CE RA RI N IN IO IO YT H S T T T EMPER EM OK EM IL SI KE B AL RC LA AS CT AT O HY AG FAC AI AG BR AG RO TP AN SEA LE RU IZ DR AL KE AN P ST N RE SU AR FU N BR AN AN CO VI M M M M PEOPLE AT COMPANIES WITH 30 OR MORE EMPLOYEES • Employment is high in established parts of the value chain like Research & Analytics and Property Management, however the trend does not mirror venture funding as can be seen with Marketplaces, Broker Management and Leasing. • Approximately 24% of industry employees are women, compared to 23% and 48% in technology and real estate respectively. ANALYSIS 5
ANALYSIS H1 2017 FUNDING BY VALUE CHAIN $100,000,000 5 NUMBER OF FUNDING ROUNDS $80,000,000 4 $60,000,000 3 $40,000,000 2 $20,000,000 1 0 0 S EN ER IC & EN TY N G CE N IO YT H T S T EMPER EM OK SI AL RC LA AT AI AG BR AG RO TP AN SEA IZ DR AL KE AN P N RE SU AR FU AN VI M M M • Marketplaces received the most funding in H1 2017 and remain one of the most proven business models in commercial real estate technology. • Research & Analytics and Fundraising have historically attracted greater venture funding, while Visualization had an uptick in the number of rounds due to early stage funding. ANALYSIS 6
ANALYSIS VENTURE CAPITAL DEAL VOLUME YEAR-OVER-YEAR 800,000,000 100 600,000,000 75 CAPITAL DEPLOYED FUNDING ROUNDS 400,000,000 50 200,000,000 25 0 0 13 14 15 16 17 20 20 20 20 20 H1 • Placing companies founded and venture deal volume side-by-side puts together a picture of the maturity of the industry. Early stage funding trailed founding dates by roughly one year in 2014 and similarly growth stage rounds peaked soon after in 2015-2016. • While 2017 funding is on track to be less than 2016, early stage rounds are still a major driver of deal flow and account for 68% of rounds and 29% of total funding in H1 2017. 2015 and 2016 total funding is adjusted from 2016 Year End report to account for discrepancy in disclosed funding. ANALYSIS 8
ANALYSIS AVG. PRE MONEY VALUATION FYE JUNE 2017 (GROWTH STAGE) $1,250,000,000 $1,000,000,000 $750,000,000 $500,000,000 $250,000,000 $0 C D G ES ES ES RI RI RI SE SE SE ANALYSIS 9
SUMMARY Created by and for commercial real estate brokers, Apto is the leading web-based software platform for managing customer relationships, properties, listings, deals and commissions. Apto serves thousands of commercial brokers and is the CRM of choice for 6 of the top 8 CRE brands. Apto’s world-class CRM platform is optimized to meet the needs of CRE brokers, and can be further PROFILE customized to brokerage workflows and business requirements. Apto is the only platform that eallows brokers to manage the full lifecycle of a deal anywhere, from any device. COMPANY FOUNDING DATE 2011 PRODUCT COMPANY LAUNCH DATE 2012 Apto CRM & Deals - A full-blown commercial real estate brokerage platform for tracking contacts, WEBSITE apto.com properties, and your real estate transactions. TWITTER Apto Prospect & Nurture - With strategic call @aptotude lists based on set criteria, account insights, and personal context, you have everything you need LINKEDIN to build meaningful connections quickly. https://www.linkedin.com/company/ apto-crm Apto Commissions - Get complete financial transparency with point-in-time reporting for HEADQUARTERS Denver, CO your entire brokerage. Bridge the gap between teams and say goodbye to cumbersome forms GEOGRAPHIES SERVED and spreadsheets. Global MONEY RAISED $18 Million - Series B, Series A, RECENT NEWS and Venture • Release of Apto Mobile ANGELLIST angel.co/apto-1 • Launch of Apto Commissions CRUNCHBASE crunchbase.com/organization/apto • Launch Apto Prospect & Nurture PROMINENT CLIENTS Avison Young, CBRE, NAI Capital, SVN, WHAT’S NEXT Cushman & Wakefield RELEVANT TYPES OF PROPERTY • Continue to expand product functionality • Office in Apto Prospect & Nurture and Apto • Retail Commissions • Industrial • Multifamily • New VP of Sales USER PROFILE • Tenant Representation Broker • Landlord Representation Broker • Investment Sales Broker • Debt/Structured Finance Broker • Administrative/back office, Brokerage Leadership WORKS ON FOUNDER CEO ]] Phone iOS Tanner McGraw Angela Tucci ]] Phone Android ]] Desktop/Laptop Tanner McGraw is the founder of Apto, the commercial real estate industry’s leading CRM, deal management and commissions software platform. A commercial real estate veteran with a decade of brokerage experience, Tanner founded Apto after experiencing deep frustration with the lack of specialized technology available to manage customer relationships simply and profitably. Today, hundreds of brokerages use Apto’s scalable cloud-based app to better manage their contacts, properties and businesses. Before Apto, Tanner served as Vice President of Healthcare Advisory Services at Transwestern and as a Senior Associate at Marcus & Millichap. Angela Tucci is the CEO of Apto. She was most recently at CA Technologies, where she served as General Manager of the Agile Management Business Unit. She was one of the pioneers of the CRM industry in the early 1990s, and brings decades of experience as a proven leader in public and private software companies spanning a wide variety of industries. A veteran start-up entrepreneur, she also founded two venture-backed technology companies with successful exits. APTO 10
SUMMARY AtlasX is deal management and pipeline software for commercial real estate capital transactions. AtlasX is powering the acquisitions, financing, and disposition of institutional-grade assets spanning every major U.S. city. Firms that use AtlasX have real-time visibility into every opportunity and a proprietary institutional memory of the market. PROFILE COMPANY FOUNDING DATE PRODUCT Jan 2016 Fully customizable deal management software COMPANY LAUNCH DATE accessible by deal leads and underwriting Jun 2016 support anywhere. WEBSITE https://AtlasX.co RECENT NEWS HEADQUARTERS New York, NY • International expansion and multiple currency GEOGRAPHIES SERVED support International • Powering commercial real estate capital ANGELLIST transactions in over 450 cities around the world https://angel.co/atlasx CRUNCHBASE • Redesigned the platform for advanced https://www.crunchbase.com/ customization features and workflow organization/atlasx#/entity RELEVANT TYPES OF PROPERTY WHAT’S NEXT • Office • Retail • Industrial • Significant improvements to our mobile products. • Multifamily • Hotel USER PROFILE • Asset Manager • Developer • Lender • Owner WORKS ON CEO ]] Phone iOS Anthony ]] Phone Android Dominguez ]] Desktop/Laptop Anthony Dominguez is an experienced real estate professional having worked on over $1B in transactions on behalf of public REITs and private developers in New York. Dominguez is a self-taught programmer and proficient in multiple tech stacks. ATLASX 11
SUMMARY ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse PROFILE delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports. COMPANY FOUNDING DATE 1996 PRODUCT COMPANY LAUNCH DATE July 19, 2016 Bulk Licensing – Property data supersets for analytical models, products and platforms WEBSITE www.attomdata.com ATTOM APIs – Real time property data access TWITTER with no major software development required @attomdata Marketing Lists – Target the most receptive LINKEDIN prospects, close more sales and optimizing your www.linkedin.com/company/ marketing ROI with custom marketing lists from attomdata ATTOM! HEADQUARTERS Irvine, CA RECENT NEWS SATELLITE OFFICES San Diego, CA • March 28, 2017 - Expanded our data platform GEOGRAPHIES SERVED and announced a the launch of a new two-for- Publicly recorded tax, deed, mortgage one lead product proven to identify properties and foreclosure data along with with a high likelihood of selling within 30 days proprietary neighborhood and parcel- of an indicated settlement date— providing level risk data for more than 150 million both pre-mover leads (people moving out of U.S. properties the home) and new homeowner leads (people moving into the home). RELEVANT TYPES OF PROPERTY • All Property Types • March 14, 2017 - Expanded our data platform USER PROFILE and announced a data licensing agreement • Asset Manager with Clear Capital to have nationwide MLS • Developer analytics available to ATTOM Data clients. • Owner • Software Provider • July 19, 2016 - Rebranded from RealtyTrac to • Lender ATTOM Data Solutions on October 13th, 2016 • Researcher - Expanded our data platform and announced • Service Provider - Investment Sales Broker a data licensing agreement with UtilityScore • Tenant/Occupier to include annual and monthly electric bills, • Valuation Analyst/Appraiser natural gas bills, and water/sewer bills, along • Investors (Real Estate) with neighborhood-level utility costs. WORKS ON WHAT’S NEXT ]] Phone iOS ]] Phone Android • ATTOM Data is building a cloud based data ]] Desktop/Laptop infrastructure that will alleviate the burden of loading, managing and efficiently processing large data sets. ATTOM will take care of the hard parts, allowing our customers to focus on their use cases and understanding how the results of their analysis affect their business • ATTOM Data is moving its APIs into the cloud to allow for more flexible and comprehensive API delivery. Customers will be able to shape their own custom end points by selecting only the data points they need rather than be limited to rigid query sets. ATTOM DATA SOLUTIONS 12
SUMMARY Breather is the leading provider of high-end, private meeting rooms, offering professionals flexible spaces through its mobile booking technology. With an expanding network of nearly 500 spaces across 10 global markets, Breather serves as a trusted meeting room solution for the increasingly mobile workforce. PROFILE Breather creates valuable meeting room amenities in commercial office properties and has COMPANY FOUNDING DATE partnered with major landlords including Blackstone, Tishman Speyer, Brookfield, Vornado, and SL 2012 Green, among many others. COMPANY LAUNCH DATE 2013 PRODUCT WEBSITE www.breather.com Breather’s booking tech allows users to search nearly 500 spaces in 10 cities, filtered by date, time, TWITTER capacity and amenities. @Breather The Breather app allows users to access each LINKEDIN space via a unique PIN code delivered prior to https://www.linkedin.com/company/ each reservation. breather HEADQUARTERS Breather’s enterprise clients enjoy access to an Montreal, Canada account services team ready to handle catering New York City, USA tech presentations. SATELLITE OFFICES San Francisco, Los Angeles, Boston, Chicago, Washington, D.C., Toronto, RECENT NEWS London • In 2017 Breather dramatically expanded its real GEOGRAPHIES SERVED estate footprint, now operating over 360,000 New York City, San Francisco Bay Area, Palo Alto, Los Angeles, Boston, Chicago, sq. ft. across its markets. Washington, D.C., Toronto, Montreal, London • Breather’s RE Innovations team launched OnSite a tech platform offering increased MONEY RAISED visibility to landlords. $75M venture capital funding & $30M debt funding • Breather is now partnered with over 250 commercial property owners including many of ANGELLIST the top landlords in each of its markets. https://angel.co/breather CRUNCHBASE https://www.crunchbase.com/ WHAT’S NEXT organization/breather PROMINENT CLIENTS • Expanded space offerings including larger, Google, Apple, Facebook, Spotify, multi-room suites in all building types, from Salesforce, American Express creative loft to Class-A office. RELEVANT TYPES OF PROPERTY • Enhanced offerings for enterprise clients • Office including catering services, technology integrations, and in-room services. USER PROFILE • Asset Manager • Developer • For landlords: Expanded deal structures and • Owner launch of OnSite tech platform to drive new • Researcher partnerships. • Service Provider - Tenant Representation Broker, Landlord Representation Broker • Tenant/Occupier Julien Smith is the CEO and co-founder of Breather, the leading provider of on-demand work and meeting spaces. Maggie Burns is VP of Real WORKS ON Estate at Breather, where she leads strategy and execution for the supply side of Breather’s network of spaces. Maggie has overseen the launch of ]] Phone iOS nearly 500 locations across 10 global markets since joining the company ]] Phone Android in 2014. ]] Desktop/Laptop CEO VP OF REAL Julien Smith ESTATE Maggie Burns BREATHER 13
SUMMARY CBRE Group, Inc. (NYSE:CBG) is the world’s largest commercial real estate services and investment firm. We deliver measurably superior client outcomes by taking a comprehensive approach to our data and digital strategy, including building differentiated and proprietary technologies; investing in or acquiring firms with leading-edge capabilities; forming strategic partnerships; and attracting, PROFILE developing, and retaining top digital talent. COMPANY FOUNDING DATE August 27, 1906 PRODUCT COMPANY LAUNCH DATE CBRE’s suite of enablement technologies, CBRE August 27, 1906 Vantage, drives informed decision-making across the real estate asset life cycle for our occupier and WEBSITE investor clients and professionals. www.cbre.com TWITTER This platform supports a wide array of initiatives, @CBRE including the planning, sourcing, transaction, construction, enhancement, management, and LINKEDIN monetization of real estate. https://www.linkedin.com/company/ cbre HEADQUARTERS RECENT NEWS Los Angeles, CA • CBRE has doubled our annual technology SATELLITE OFFICES 450+ offices, worldwide, excluding 100 budget and tripled our spending on the affiliate offices enabling side of the business. GEOGRAPHIES SERVED • CBRE is strategically hiring to bring our 111 countries across the Americas, technology-enabled services and data to the Europe, the Middle East, Africa, and forefront of decision-making. Asia-Pacific • CBRE is an anchor investor in Fifth Wall MONEY RAISED Ventures, with whom we source and grow new For information on our financials, please visit ir.cbre.com entrepreneurs and technologies for the built environment. PROMINENT CLIENTS CBRE provides technology-enabled solutions to 92 of the Fortune 100, including many of the world’s leading WHAT’S NEXT financial institutions, life sciences companies, hospitals and healthcare • CBRE will continue to make platform organizations, manufacturers, and enhancements to better utilize data, integrate media/technology/telecommunications solutions, and optimize building and service companies. performance. RELEVANT TYPES OF PROPERTY • Office • We will further strategic partnerships • Retail enhancing smart building capabilities, many • Industrial viewable within our Client Experience Center in • Multifamily Milwaukee, WI. • R&D, data centers, hospitals, distribution centers, warehouses, and alternative workplaces USER PROFILE • Asset Manager • Developer CBRE’s President & CEO, Bob • Owner Sulentic, oversees the world’s largest • Tenant/Occupier commercial real estate services and investment firm, which reported 2016 revenues of $13.1 billion, has more WORKS ON than 75,000 employees (excluding SENIOR VICE CHIEF DIGITAL MANAGING MANAGING affiliate offices), and is presently ]] Phone iOS ]] Phone Android PRESIDENT, & TECHNOLOGY DIRECTOR, DIRECTOR, ranked #214 in the Fortune 500. Bob CBRE DIGITAL OFFICER CBRE INSTITUTE CBRE BUSINESS shares a passion for connecting and ]] Desktop/Laptop STRATEGY & ANALYTICS Sandeep Davé Matt Toner empowering CBRE’s executive leaders PARTNERSHIPS Jeremy Krompier Anish Mehta to drive a technology-enabled future for the company. He received an M.B.A. from Harvard Business School and a B.A. in Computer Science from Iowa State University. CBRE 14
SUMMARY ClientLook is the unrivaled commercial real estate CRM built from the ground up solely to suit the needs of our industry. Our top priorities are adoption and user experience, which drive a 98% renewal rate. Designed by CRE brokers and tech veterans, ClientLook is easy to use with no learning curve. Track contacts, deals, listings and properties in a way that’s intuitive and fun. Rely PROFILE on the innovative Virtual Assistant team to handle data entry. Connect with other industry-leading applications through exclusive integrations to maximize efficiency. Get a free 21-day trial today. COMPANY FOUNDING DATE 2008 PRODUCT COMPANY LAUNCH DATE 2009 ClientLook is commercial real estate’s unrivaled CRM with intuitive contact, deal and property WEBSITE tracking capability. www.clientlook.com TWITTER @clientlook RECENT NEWS LINKEDIN https://www.linkedin.com/company/ • Doubled annual recurring sales revenue by clientlook expanding into more than 500 additional cities. HEADQUARTERS • Increased annual retention rate from 96% to Laguna Niguel, CA 98%. GEOGRAPHIES SERVED Currently servicing more than 1,650 • Released integration with Xceligent to deliver cities in 9 countries live research data inside ClientLook. MONEY RAISED • Expanded the scope of our Virtual Assistant ClientLook is entirely bootstrapped. service to include subscriber listing Funding was provided by the Founder maintenance. PROMINENT CLIENTS Colliers, Marcus & Millichap, KW Commercial, Mohr Partners, NAI WHAT’S NEXT RELEVANT TYPES OF PROPERTY • Expand integration partners to include a • Office broader suite of industry leading tools. • Retail • Industrial • Multifamily • Further develop our back-office capabilities. • Land • Develop more product localization to support USER PROFILE additional international geographies. • Asset Manager • Developer • Initiate rollout of new nationwide subscriber • Lender accounts. • Owner • Researcher • Service Provider - Tenant Representation Broker, Landlord Representation Broker, Investment Sales Broker, Debt/Structured Finance Broker, Architect, Construction/Project Manager, Software WORKS ON FOUNDER, VICE PRESIDENT, PRESIDENT & SALES ]] Phone iOS CEO John Dawson Michael Griffin I began my career as a commercial real estate broker and quickly moved into technology. I sold my first CRM startup (ARES for ACT!) to CoStar Group and subsequently spent almost nine years there. I founded ClientLook to eliminate the complexity, mediocrity and risk of using a CRM. My vision was to create the most intuitive solution painstakingly built from the ground-up soley for our industry. This level of specialization allows ClientLook to offer an unrivaled experience including a team of Virtual Assistants who handle data entry and task management for users. If you are not using ClientLook, then you are working too hard! CLIENTLOOK 15
SUMMARY The 130+ attorneys at Cole Schotz provide legal services throughout the U.S. from offices in NJ, NY, DE, MD, TX and FL. We represent hundreds of businesses, large and small, and select individuals in areas such as real estate and real estate special opportunities, construction services, corporate and finance, employment, environmental, tax, and litigation. PROFILE Relationships and results are at the core of the Cole Schotz experience. Achieving success for each COMPANY FOUNDING DATE client is our goal, and our relentless commitment to that end sets us apart. 1928 WEBSITE PRODUCT www.coleschotz.com Our Real Estate team has earned a national TWITTER reputation for providing practical and strategic @ColeSchotz solutions for real estate developers and investors. LINKEDIN The scope of our involvement includes the https://www.linkedin.com/company/ acquisition, sale, asset management, risk and cole-schotz-p-c- business opportunity analysis, development, redevelopment, financing, leasing, subleasing, HEADQUARTERS syndication and environmental concerns Hackensack, NJ of commercial (including retail, office and hotel), industrial, warehouse and multi-family SATELLITE OFFICES residential properties. New York, NY Wilmington, DE Baltimore, MD Dallas, TX Ft. Worth, TX RECENT NEWS Leo V. Leyva is co-chair of the Litigation and Real Boca Raton, FL Estate Departments, as well as the Real Estate Special • Cole Schotz represented Cove Property Group Opportunities Group. He has an expansive litigation GEOGRAPHIES SERVED in West Side Acquisition - Ranked 42nd Largest National practice with a concentration on high-profile real estate Deal in the Country litigation, complex commercial litigation and corporate RELEVANT TYPES OF PROPERTY reorganization. He also represents private equity, • Office • Cole Schotz guided Sentinel Real Estate through hedge and real estate opportunity funds; national • Retail the Sale of Manhattanville Rental Building for lending institutions; bridge and convenience lenders; • Industrial $23M property owners and developers in connection with the • Multifamily acquisition and sale of distressed properties and debt, • Cole Schotz Assisted Regent Medical Properties joint ventures, commercial real estate litigation, project USER PROFILE and Hajjar Medical Office with a purchase in development, asset disposition, foreclosures, and • Developer Busy Flushing Market • Lender bankruptcy-related workouts and restructuring. • Materials Manufacturer or • Topgolf Opens in Edison, NJ with an Assist from Leo’s full biography is available at Distributor • Owner Cole Schotz http://www.coleschotz.com/LeoLeyva • Service Provider - Tenant Representation Broker, Landlord • Coffeemania Opens its Doors in Bryant Park, Representation Broker, Investment Cole Schotz Instrumental in Lease Richard W. Abramson is co-chairman of both the Sales Broker, Debt/Structured firm’s Real Estate Department and the Real Estate Finance Broker, Architect, Construction/Project Manager, Special Opportunities Group. He counsels property Software owners, developers, real estate equity and opportunity • Tenant/Occupier funds, real estate investment trusts, investors, owners • Valuation Analyst/Appraiser and tenants in all aspects of commercial real estate transactions. His practice is national in scope and encompasses a broad range of transactions, with particular emphasis on acquisitions, dispositions, development and retail leasing. His professional focus also includes the management, financing and MEMBER MEMBER Leo V. Leyva Richard W. construction of commercial, retail, industrial and Abramson residential properties; mezzanine financings; joint ventures; and the acquisition and disposition of distressed debt. Rich’s full biography is available at http://www.coleschotz.com/RichardAbramson COLE SCHOTZ P.C. 16
SUMMARY Colliers International Group Inc. is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property PROFILE sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought WEBSITE leadership consulting. colliers.com TWITTER PRODUCT @colliers Colliers360 is a fully-integrated, scalable LINKEDIN https://www.linkedin.com/company/ dashboard and analytics technology that provides colliers-international complete coverage for clients’ corporate real estate and facility’s needs. Colliers360.com HEADQUARTERS Toronto, Canada Colliers Indsite is a new solution that includes specialty site selection and incentive negotiation GEOGRAPHIES SERVED technology fully integrated with proprietary Global project and construction management expertise. RELEVANT TYPES OF PROPERTY • Office Colliers SiteMAP delivers the latest advancements • Retail in connecting technology, precise retail insights, • Industrial site selection and collaborative portfolio • Multifamily management, creating a business performance • Healthcare tool that will assist with multimarket expansion and portfolio review. USER PROFILE • Asset Manager • Developer • Materials Manufacturer or RECENT NEWS Distributor • Owner • Service Provider - Tenant • Global mergers & acquisitions Representation Broker, Landlord Representation Broker, Investment • Colliers360 product advancement Sales Broker, Debt/Structured Finance Broker, Architect, • Launch of Colliers Indsite Construction/Project Manager • Tenant/Occupier • To learn more, visit www.colliers.com • Valuation Analyst/Appraiser WORKS ON WHAT’S NEXT ]] Phone iOS • Executing on the company’s growth strategy ]] Phone Android while providing essential and actionable ]] Desktop/Laptop business intelligence for our clients’ corporate real estate needs COLLIERS INTERNATIONAL 17
SUMMARY Comfy is a workplace app provider on a mission to create exceptional workplace experiences. With deep roots in advanced computing and thoughtful user experience, and living at the nexus of the digital world and physical space, our Oakland-based team builds unconventional software solutions for everyone — from the people who operate the building to the people who fill it. Visit PROFILE comfyapp.com for more information. COMPANY FOUNDING DATE 2012 PRODUCT COMPANY LAUNCH DATE Comfy is a smart building solution that enables 2013 employees to regulate the temperature and lighting of their workspace, resulting in increased WEBSITE employee satisfaction and operational savings www.comfyapp.com through fewer workplace complaints, improved TWITTER fault detection, and increased energy savings. @comfyapp LINKEDIN https://www.linkedin.com/company/ RECENT NEWS comfy-by-buildingrobotics- • In June 2017, welcomed Sara Shank of Beacon HEADQUARTERS Capital Partners to Advisory Board and Charter Oakland, CA Hall as first Australian client. SATELLITE OFFICES Comfy has account team • In May 2017, recognized by Gartner Cool Vendor representatives based in every in, the Digital Workplace. continental US time zone. • In April 2017, released “My Locations,” a product GEOGRAPHIES SERVED enhancement that unlocks greater location- US and select international regions specific capabilities on Comfy’s mobile app. MONEY RAISED • In January 2017, released Comfy Insights, an Seed: $1.14 Million Series A: $6.71 Million analytics dashboard for workplace professionals Series B: $12 Million that aggregates building performance data and occupant space usage data. CRUNCHBASE www.crunchbase.com/ • In June 2016, raised a successful Series B organization/building-robotics Funding, investors included Emergence Capital, CBRE, and Microsoft Ventures. PROMINENT CLIENTS Cisco, Intel, WeWork, Oxford Properties, Charter Hall WHAT’S NEXT RELEVANT TYPES OF PROPERTY • Office • Expand portfolio penetration within commercial real estate owners. USER PROFILE • Asset Manager • Owner • Expand level of occupant control and visibility • Tenant/Occupier across additional building systems. • Further operational savings delivered to clients WORKS ON through robust data analytics and building science expertise. ]] Phone iOS ]] Phone Android • Extend the product to create additional data ]] Desktop/Laptop insights to help real estate and facilities leaders eff ectively manage their workplaces. Founded by UC Berkeley PhD candidates in Computer Science, Comfy’s team today includes tech and real estate industry veterans from Google, Autodesk, IDEO, Opower, Salesforce, PayPal, JCI, and USGBC. CEO CTO PRESIDENT VP OF SALES Andrew Krioukov Stephen Dawson- Lindsay Baker David Kirkland Haggerty COMFY 18
SUMMARY Commercial and Residential Real Estate cloud commission accounting software for the modern brokerage. CommissionTrac was created to streamline and automate all commission and accounting processes for modern brokerage companies. Easily integrate with CRM, Quickbooks, Property Management platforms and more. Track lease renewals, manage commission pipeline, PROFILE track production, agent draw plans, agent expenses, manage split plans and agent distributions, general ledger accounting and more. COMPANY FOUNDING DATE 2016 PRODUCT COMPANY LAUNCH DATE 2017 The CommissionTrac Platform has 3 primary modules for the commercial real estate brokerage: WEBSITE CommissionTrac.com Capture: Turn every deal into searchable and TWITTER reportable data with CommissionTrac Vouchers @CommissionTrac Account: Use voucher data to automate LINKEDIN accounting workfl ows, receivable & payables https://www.linkedin.com/company- ledger journal entries, create invoices and beta/6465629/ statements, make deposits and calculate commission distributions. HEADQUARTERS Atlanta, GA Report: There’s an executive dashboard, and SATELLITE OFFICES a number of reports to streamline running Tel Aviv, Israel a brokerage such as aged receivables, agent productivity, commission pipeline, and more... GEOGRAPHIES SERVED USA MONEY RAISED WHAT’S NEXT $900,000 CRUNCHBASE • API Integration with QuickBooks https://www.crunchbase.com/ organization/commissiontrac • API Integration with RealNex PROMINENT CLIENTS • API Integration with ClientLook NAI, Colliers, CORFAC, RE/MAX Commercial, Ackerman & Co. • API Integration with Watson Analytics USER PROFILE • Service Provider - Tenant Representation Broker, Landlord Representation Broker, Investment Sales Broker, Debt/Structured Finance Broker, Architect, Construction/Project Manager, Software WORKS ON CEO COO CTO Turner Levison Daniel Levison Erez Fern ]] Phone iOS ]] Phone Android ]] Desktop/Laptop COMMISSIONTRAC 19
SUMMARY CompStak creates transparency in commercial real estate markets by gathering information that is hard to find, difficult to compile, or otherwise unavailable. CompStak delivers this unmatched insight into real estate transactions to a nationwide network of members and clients, including Tishman Speyer, Wells Fargo, Equity Office, and every major brokerage. PROFILE COMPANY FOUNDING DATE PRODUCT 2011 CompStak Exchange is a lease and sales comp COMPANY LAUNCH DATE trading platform for CRE professionals at 2012 brokerages and appraisal fims. WEBSITE CompStak Enterprise delivers detailed transaction www.compstak.com analytics and reporting for professionals in CRE investment, banking, and other CRE firms. TWITTER @CompStak LINKEDIN www.linkedin.com/company/CompStak RECENT NEWS HEADQUARTERS • We’ve added analyst-reviewed sales comps with New York, NY details such as sale price, NOI, cap rate, and other hard-to-source details. SATELLITE OFFICES Los Angeles, CA • Over the past year we’ve doubled our coverage, GEOGRAPHIES SERVED making CompStak available in more than 65 Nationwide US markets nationwide. London • In the last year, we’ve partnered with some MONEY RAISED of the biggest names in the CRE industry, $19.5m between equity and debt including Moody’s Analytics, Argus, and Xceligent. ANGELLIST https://angel.co/compstak CRUNCHBASE WHAT’S NEXT https://www.crunchbase.com/ organization/compstak#/entity • We will announce partnerships with high profile PROMINENT CLIENTS industry players. Equity Office Properties, Vornado Tishman Speyer, Wells Fargo, Boston • We will continue to grow our coverage across Properties the US. RELEVANT TYPES OF PROPERTY • We will introduce new analytical tools to our • Retail platform. • Office • Industrial USER PROFILE • Asset Manager • Developer • Lender • Owner • Researcher • Service Provider - Tenant Representation Broker, Landlord Representation Broker, Investment CO-FOUNDER/ CO-FOUNDER/CTO Sales Broker, Debt/Structured CEO Vadim Belobrovka Finance Broker Michael Mandel • Valuation Analyst/Appraiser • Investors Michael Mandel is the Co-Founder + CEO of Vadim Belobrovka is Co-Founder and CTO of CompStak. CompStak creates transparency in CompStak. Vadim received his BS in Computer WORKS ON commercial real estate by gathering information Engineering from Columbia University. His technical that is hard to find, difficult to compile or otherwise interests lie in functional programming and ]] Desktop/Laptop unavailable. Since launching in early 2012, Michael data science. Outside of the demanding world of has led the company through tremendous growth, technology and entrepreneurship, he can be found with over $19 million raised, 65 major markets on the mats - rolling with his fellow Brazilian Jiu-Jitsu launched, and a growing team. Michael regularly practitioners. If you ask him why he is smiling, he will speaks on the future of commercial real estate. He show you a picture of his two little girls. has been named 30 Under 30 by Real Estate New York, and a Rising Star by The Real Deal. COMPSTAK 20
SUMMARY Dealius helps brokerage firms optimize the transaction process and increase broker production. Built on a scalable software architecture with the latest in user-interface design, Dealius eliminates the need for spreadsheets and makes deal management a simple and enjoyable experience for brokers, principals and administrators. Dealius is customizable, allowing each client to tailor the PROFILE solution around the needs of their business. COMPANY FOUNDING DATE March 2016 PRODUCT COMPANY LAUNCH DATE Pipeline Management - for brokers and teams Accounting - for administrators and principals to February 2017 to track and manage their deals, renewals, listing manage broker production, receivables, invoicing, expirations and cash flow commission payments and split calculations WEBSITE www.dealius.com HEADQUARTERS Sanford, Florida GEOGRAPHIES SERVED United States RELEVANT TYPES OF PROPERTY • Office • Retail • Industrial • Multifamily USER PROFILE • Service Provider - Tenant Representation Broker, Landlord Representation Broker, Investment Sales Broker • Owner/Manager of CRE Brokerage Companies WORKS ON ]] Phone iOS ]] Phone Android ]] Desktop/Laptop RECENT NEWS • Launched to market in February 2017 • Ability to manage listings and lease renewal notifications FOUNDER Inayat Walli • Multi-office and team management inayat@dealius.com • Open API enables integration with CRM and Marketing platforms Inayat Walli has over 18 years experience in the design, development and implementation of enterprise software applications and business WHAT’S NEXT intelligence solutions. He spent the past few years working closely with commercial real estate firms across the country to gain a better understanding • Analyze historical transactions to generate of the challenges faced by owners, brokers and comps data administrators in the deal cycle, from prospecting to closing. Applying his extensive technology and • Track activities to better manage clients, business consulting experience to the commercial properties and deals real estate industry, Inayat founded Dealius to solve these challenges. • Multi-language and multicurrency support DEALIUS 21
SUMMARY Dealpath is the leading deal management software platform for commercial real estate investment and development teams. Founded in 2014 and based in San Francisco, the company is led by an experienced team of industry executives and technologists who are passionate about delivering the best tools and solutions for our customers. PROFILE COMPANY FOUNDING DATE PRODUCT 2014 Dealpath platform enables smart pipeline COMPANY LAUNCH DATE tracking, collaborative deal management and Oct 2016 powerful reporting. Investment teams can build a collaborative database of every deal reviewed WEBSITE while maintaining accountability and enterprise www.dealpath.com risk management that firms require, all from an easy to use interface that teams love. TWITTER @dealpath LINKEDIN https://www.linkedin.com/company- RECENT NEWS beta/6387973/ • August 2017 - urpassed $100B in deals HEADQUARTERS supported on the platform San Francisco, CA • August 2017 - Announced partnership with Box GEOGRAPHIES SERVED Platform (Preferred Partner of Box Platform for US, Canada, Mexico, UK Enterprise) MONEY RAISED $14M including $8M Series A on • October 2016 - Publicly available after October 5, 2016 operating privately for over 2 years ANGELLIST • October 2016 - Announced Series A fundraising https://angel.co/dealpath led by Formation8 with LeFrak, Milstein, Bechtel, Goldrest and Deep Fork Capital also CRUNCHBASE participating https://www.crunchbase.com/ organization/dealpath PROMINENT CLIENTS WHAT’S NEXT CBRE, Rockpoint Group, Regency Centers, L+M Development, Four Corners Property Trust • Adding more integrations, new data visualizations and smart workflow automations RELEVANT TYPES OF PROPERTY • Retail • Office • Industrial • Multifamily • Land • Healthcare • Senior Housing • Sports & Entertainment • Special Purpose • Mixed Use CEO/ CTO CO-FOUNDER Luke Rajlich USER PROFILE Mike Sroka • Acquisitions • Development • Lender Mike Sroka is the Co-Founder and CEO of Dealpath. • Asset Manager Previously, he’s spent over a decade growing venture- backed software companies including Fanhood (acq. WORKS ON by FOX), Zynga (NASDAQ: ZNGA) and OneSeason (acq. by Cantor Fitzgerald). Mike started his career ]] Desktop/Laptop at Hudson Advisors, managing agent for the Lone ]] Tablets Star Funds, and graduated from Southern Methodist ]] Mobile Devices University with a B.S. in Economics with Finance Applications. Mike lives in the Bay Area with his wife and 2 kids. He’s a member of California Trout, Urban Land Institute, NAIOP and ICSC. DEALPATH 22
SUMMARY Envelope is a SaaS company that helps real estate professionals search for, visualize, and run scenarios on development potential under zoning – instantly. We’ve mapped 100 years of zoning into software, so our users can focus on what happens next. PROFILE PRODUCT COMPANY FOUNDING DATE 11/15 Envelope clients can maximize their development rights by use-type, calibrate floor-to-floor heights, COMPANY LAUNCH DATE select bonuses or adjacent air rights, override 5/17 zoning rules, and even assemble multiple parcels into a single massing. WEBSITE www.envelope.city TWITTER RECENT NEWS @EnvelopeTech LINKEDIN • We raised over $2m in the last 18 months from https://www.linkedin.com/company- real estate industry executives. beta/10828891/ • We launched in Manhattan, with clients HEADQUARTERS throughout architecture and CRE. New York, NY • We now enable assemblages, data override, GEOGRAPHIES SERVED validated air rights, and 3D model export. New York City MONEY RAISED $2m+ angel WHAT’S NEXT ANGELLIST https://angel.co/envelope-3 • Envelope is raising a Seed round CRUNCHBASE • We will launch in the outer boroughs in coming https://www.crunchbase.com/ months. organization/envelope-city-inc#/entity PROMINENT CLIENTS • We will add zoning refinements, with more bulk SHoP Architects, Eastdil Secured, types, special purpose districts, and features. Millennium Partners, Avalon Bay • We will enable Envelope users to add their own RELEVANT TYPES OF PROPERTY data and rules. • Office • Industrial • Multifamily • Community Facility USER PROFILE • Developer • Lender • Owner • Researcher • Service Provider - Investment Sales Broker, Architect CEO CO-FOUNDER, CO-FOUNDER, • Valuation Analyst/Appraiser Cindy McLaughlin ZONING ADVISOR GIS ADVISOR • Zoning Attorney, Investor Todd Sigaty Sarah Williams WORKS ON Cindy McLaughlin is CEO of Envelope, a SaaS company for real estate professionals. Prior to ]] Desktop/Laptop Envelope, Cindy held CEO and President roles in a range of technology companies, from fashion tech to prison tech. Cindy has an MBA from MIT/Sloan, a BA from Mount Holyoke College, and spent 2 years in Congo as a Water/Sanitation volunteer for the US Peace Corps. ENVELOPE 23
SUMMARY FUEL Enterprises develops cloud-based technology platforms for CRE. With a focus on valuation, forecasting and data, FUEL Enterprises solutions are intuitive, fast, accurate, collaborative, open and affordable. We are committed to creating software that enables you to accurately model your real estate assets, collaborate with external parties, and provide a robust reporting and analysis PROFILE platform. Our software has been built for the front office, with the latest technology, in the true cloud, from the ground-up; to serve the needs of commercial real estate owners, brokers, lenders, COMPANY FOUNDING DATE appraisers, and investors. 05/01/2017 COMPANY LAUNCH DATE PRODUCT 05/01/2017 FUEL Valuation is a state of the art cloud-based WEBSITE technology platform powering the next generation http://fuelcre.com of valuation, forecasting, and transactions for #CRE TWITTER @FUELcre FOUNDER & MANAGING DIRECTOR LINKEDIN RECENT NEWS Christopher Perry III https://www.linkedin.com/company/ Twitter Handle: @cperryiii fuelcre • FUEL Enterprises was announced to the market Email: cperry@fuelcre.com on May 1, 2017. Phone: 312.508.3041 HEADQUARTERS NYC • The FUEL Valuation platform is in production SATELLITE OFFICES today and has paying clients. Boston, Chicago, Los, Angeles, London, Medellin, Sydney, Toronto • FUEL Valuation is the result of a three year, multi-million dollar development initiative. GEOGRAPHIES SERVED United States MONEY RAISED WHAT’S NEXT FOUNDER & CEO Funding of $10M+ for the development Glenn P. Murray of FUEL’s Valuation, data warehouse, and partner management platforms • Mobility Glenn has considerable experience in the establishment, has been provided by the founders and funding, and development of services and technology operating entities of the founders. • Integration with complentary platforms companies that serve the commercial real estate and including VTS and others financial services industries. Glenn has provided mission PROMINENT CLIENTS critical services to many of the most recognized names Heitman, Brookfield, TIAA-CREF, PSP • SSAE Controls for product development and in global real estate and Fortune 1000 corporations. Investments, Ivanhoe delivery His founding ventures include FUEL Enterprises, Realm RELEVANT TYPES OF PROPERTY Business Solutions, rCash, Inc., KLIK.COM, Vizables, LLC, • Office The Montauk Group, LLC, NOI Strategies, Hipercept • Retail Applications, Inc., and Hotbed Ventures, LLC. • Industrial • Multifamily • Medical Office, Student Housing, Senior Living USER PROFILE • Acquisitions/Dispositions • Asset Manager • Lender • Owner • Service Provider - Investment Sales Broker, Debt/Structured Finance Broker, Software • Valuation Analyst • Appraiser WORKS ON ]] Phone iOS [in development] ]] Phone Android [in development] ]] Desktop/Laptop FUEL ENTERPRISES, LLC 24
SUMMARY GeoCV is a venture backed, 3D capturing company. Our mission is to enable everyone to capture the world in volumetric 3D, share it on the web and in VR. GeoCV is the only solution producing virtual tours via 3D-enabled smartphones. The Virtual Open PROFILE House, professional photos and floor plans are delivered in 2 days, at an affordable price, without sacrificing the highest quality. COMPANY FOUNDING DATE February 14, 2014 Our services are provided by a network of freelance, on-demand photographers. GeoCV’s beachhead market is the 3D virtual open house experience for real estate. COMPANY LAUNCH DATE 2017 WEBSITE PRODUCT GeoCV.com Mobile app for 3D capturing reality TWITTER @GeoCV3D Cloud software LINKEDIN 3D viewer with smooth navigation for web, mobile https://www.linkedin.com/ company/2769747/ and soon for VR HEADQUARTERS New York, NY RECENT NEWS SATELLITE OFFICES Moscow, Russia • Raised $1.8m seed round GEOGRAPHIES SERVED • The virtual open house package for $199 per US starting from New York, worldwide listing has been rapidly adopted in New York in 2018 MONEY RAISED $2.5m in venture capital (from 5 VC WHAT’S NEXT funds and 2 angels) • Novel release of a fast and easy-to-use solution ANGELLIST https://angel.co/geocv-1 requiring only a smartphone with a 3D camera for capturing volumetric 3D CRUNCHBASE https://www.crunchbase.com/ • Build a network of on-demand photography organization/geocv service providers leveraging our product PROMINENT CLIENTS • Deliver the service to as many clients as possible Compass, Douglas Elliman, Keller to make it a new industry standard and tool Williams, Halstead, Nest Seekers RELEVANT TYPES OF PROPERTY • Office • Retail • Multifamily USER PROFILE • Asset Manager • Developer • Owner • Service Provider - Tenant CO-FOUNDER CO-FOUNDER DIRECTOR OF Representation Broker, Landlord & CEO & CTO PARTNERSHIPS Representation Broker, Anton Yakubeno Gleb Krivovyaz Jonathan Klein Investment Sales Broker, Architect, Construction/Project Manager, Software • Tenant/Occupier Computer science Ph.D.s Anton Yakubenko and Gleb • Valuation Analyst/Appraiser Krivovyaz have collaborated in the 3D computer vision industry for over 12 years. In their role as researchers and developers, Anton & Gleb worked WORKS ON with Samsung and Align Technology. Together they founded 3 companies – a profitable software ]] Phone iOS development consulting company, a startup for 3D ]] Phone Android ]] Desktop/Laptop modeling of building exteriors from photos, that has subsequently been acquired, and a company that developed a prototype for automated recognition of roadbed defects. GEOCV 25
SUMMARY Honeywell Home and Building Technologies (HBT) is a global business with more than 44,000 employees worldwide. HBT creates products, software and technologies found in more than 150 million homes and 10 million buildings worldwide. Commercial building owners and occupants use our technologies to ensure their facilities are safe, energy efficient, sustainable and productive. Our PROFILE advanced metering hardware and software solutions help electricity, gas and water providers supply customers and communities more efficiently. For more news and information on Honeywell Home WEBSITE and Building Technologies, please visit http://www.honeywell.com/newsroom. buildingsolutions.honeywell.com TWITTER PRODUCT @HoneywellBuild Honeywell Outcome Based Service (OBS), redefines what’s possible in buildings. LINKEDIN https://www.linkedin.com/company- beta/10796285/ Honeywell Pulse, Connect to and address problems in your building from anywhere in the world. HEADQUARTERS The Honeywell Vector Occupant App Platform (Vector) combines the convenience of today’s mobile devices Golden Valley, MN with connected building features to give occupants more input over their comfort levels, satisfaction and their ability to securely move about the workplace. Backed by a cloud-based infrastructure and a rich collection of USER PROFILE analytics to help increase efficiency and cost-effectiveness of building operations, Vector integrates with core • Owner building functions, including access and comfort control, to enhance building occupant experiences with the • Service Provider - Tenant touch of a screen. Representation Broker, Landlord Representation Broker, Architect, Construction/Project Manager • Digital Identification • Bluetooth Access Control • One Click Hot/Cold Calls WORKS ON • Indoor Location Services • 5 Starred User Experience ]] Phone iOS ]] Phone Android Vector Base Functionality ]] Desktop/Laptop Vector is available for iOS and Android devices and helps boost Honeywell customer’s overall brand by incorporating forward-looking, connected technology that meets the expectations of today’s top talent. Vector is helping to transform buildings into productive organizational assets by forging deep connections between buildings and those within them. Vector empowers building owners and facility management and engages building occupants while providing advanced data capture and analysis to promote safer and more comfortable, efficient and interactive work and leisure spaces. Leveraging building connectivity, Vector’s key features include: Digital Identification – Eliminates the need for plastic badges or temporary tags and solves the issue of outdated photo IDs by providing an up-to-date photograph. Access Control – Builds on the app’s digital identification feature, offering mobile-based access control that can easily be managed by a facility, eliminating the need to track and replace cards or fobs. One-Click Hot/Cold Calls – Provides a quick and direct way for occupants to indicate when their work areas are too hot or too cold, and to receive confirmation that their issues are being addressed. Facility managers are alerted to occupant discomfort right away and can view the location of the call, identify patterns and quickly make adjustments to satisfy occupant requests for services. Indoor Location Services - Pinpoint location inside the building, direct people to points of interest through routes. This provides building managers with data regarding traffic patterns inside the building. Five Starred User Experience - The LinkedIn Digital Occupant App will embody the 5 Star User Experience by allowing occupants to rate their LinkedIn Building experiences in real-time using a simple 1 to 5 star rating. The 5 Star User Experience “ease-of-use,” encouraging occupant feedback collected by the occupant suggestion portal. Feedback is the engine that drives the limitless potential of LinkedIn to attract, retain and engage 21st Century employees. HONEYWELL BUILDING SOLUTIONS 26
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