Accruent, a provider of software and services that enable organizations to shape, drive, manage and control their physical assets, announced it has acquired Plano, TX-based Lucernex, a global provider of cloud-based, Integrated Workplace Management Systems (IWMS), including advanced solutions for organizations in any industry seeking FASB/IASB compliant real estate and equipment lease accounting software.

“Lucernex is a perfect fit for our overall company vision,” said John Borgerding, CEO of Accruent. “In addition, it strengthens our ability to support organizations that must address regulatory compliance challenges concerning real estate and equipment leases.”

Publicly-traded companies are estimated to have $3.3 trillion of lease commitments, more than 85% of which are not reflected on balance sheets today. New FASB and IASB regulations for reporting leases on financial statements will address the problem and take effect in the first quarter of 2019 for public companies and in 2020 for private companies.

Lucernex will augment Accruent’s ability to help customers make better decisions across the real estate, facilities and equipment lifecycle. Its solutions, which include site selection, lease administration and project management, complement Accruent’s market-leading facility management, predictive maintenance and IoT-based equipment control.

“Lucernex and Accruent are coming together to provide unrivalled global reach and product capability,” said Robert Abdul, Interim CEO at Lucernex. “Lucernex is now part of the largest company focused solely on optimizing every aspect of planning and managing physical assets.”

The integration of Lucernex is expected to be completed this year. Customers will see no interruption to support and services, and will be invited to attend a series of webinars welcoming them to Accruent and presenting its product and technology vision.

Accruent provides software and services that enable organizations to shape, drive, manage and control their physical assets. Accruent’s solutions are at work in more than 5,800 leading organizations worldwide, including 40 of the top 100 retailers, 25% of the Fortune 500, 40% of leading universities, all four of the top U.S. wireless carriers, 55% of U.S. hospitals as well as leading service providers managing more than 15 billion square feet of property. Founded in 1995, Accruent is headquartered in Austin, Texas, with locations across the U.S. and in Canada, China, India, Israel, Germany and the United Kingdom.

Lucernex provides cloud-based real estate lifecycle management as well as financial contract and compliance solutions to companies in more than 70 countries across five continents. With a 99% client retention rate, the Lucernex solutions help more than 180 brands in tens of thousands of locations globally drive growth, manage capital and access real-time data for strategic decision making leading to increased shareholder value.