JLL (JLL) Enters Agreement to Acquire Technology Pioneer Corrigo
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Consistent with its disciplined approach to strategic acquisitions and investments in innovative technology solutions, JLL (NYSE: JLL) has entered into an agreement to acquire Corrigo Incorporated, a pioneer in cloud-based facility management solutions that improve productivity, increase transparency and provide advanced business analytics. This acquisition will open the door for JLL's clients to a transformational shift in the way companies use automation to streamline everything from initiating and tracking work orders, managing bids and monitoring completed work to paying invoices. The transaction is expected to close later this month, subject to customary closing conditions.
"Corrigo has a history of making ground-breaking changes in the industry," said Greg O'Brien, JLL CEO, Americas. "Their exceptional expertise and remarkable entrepreneurial mindset have led to best-in-class technology that automates much of the building maintenance and management process. With that kind of innovation integrated into our core facility management offerings, we can give our clients access to a new level of service."
Corrigo's well-regarded platform and Work Order Network enables facilities management and field service management organizations of all sizes to assume more control over maintenance and repair spend while gaining a better understanding of vendor and technician performance.
From a start up in Silicon Valley in the late 1990s, Corrigo has grown into a cutting-edge company that is highly regarded in the facility management field. What was once seven people in a garage is now a company with a platform used by 1 million people to manage 10 million work orders each year across more than 180,000 sites. The firm's most recent venture is the launch of GetCru", an online marketplace that connects vendors with individuals looking for services in the commercial market.
"Service delivery is about getting it right this time and doing it better the next, and our platform always makes sure service is done right," said Rick Michaux, Corrigo Chairman and Founder. "Combining JLL's service line expertise and focus on big data with Corrigo's predictive analytical capabilities will create even more value for our collective clients. Together, we'll provide greater value by using technology to not only shine a spotlight on every opportunity to optimize operations but also recommend how to make the most of them."
This transaction is a continuation of JLL's strategy to make investments in technology that focus on increasing productivity and transforming the marketplace with advancements that automate end-to-end processes across the industry. Under terms of the deal, Corrigo will become a wholly-owned subsidiary of JLL with standalone sales and operations of its existing products. The company strengthens and complements JLL's existing technology solutions, including the RED data and insights platform, which offers a full spectrum of tools to uncover areas for improved productivity with customizable dashboards and detailed analytical models.
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