Tango, a Dallas-area provider of lifecycle management and integrated workplace management software, is set to propel its next stage of growth with a majority equity investment from Berkshire Partners.
Offering expertise in analytics and consulting, Tango helps companies plan, find, and manage locations with its cloud-based Software-as-a-Service solution.
Founder, President, and CEO Pranav Tyagi calls the new ownership a “milestone moment” in the company’s evolution. Founded in 2008, Tango currently serves 150 customers in financial services, retail/restaurant, healthcare, high tech, and manufacturing end markets. Its solutions encompass site selection, project management, lease administration and accounting, facilities maintenance, and space management.
But, its software platform is the foundation for those solutions: The company calls it a “single source of truth for all location information” for sites, stores, offices, production facilities, and leases.
“Location is everything, from retail stores to corporate offices,” the company says. By combining predictive analytics with GIS, the Tango platform can analyze location opportunities, pick the right sites, and help customers “open them faster.”
Ready for Workplace 2.0
With its growth plans, Tango has its eyes on workplace trends. The widespread adoption of hybrid work models has led to a demand in the company’s desk booking and room reservation tools, the company said earlier this fall. Its management solution, Tango Reserve, lets companies manage their space “while learning, in real-time, how to achieve target utilization and optimization rates and still provide the best employee experience.”
Majority stake investment
With the majority stake investment from Berkshire Partners—a Boston-based firm that’s made more than 135 private equity investments since its inception—Tango plans to secure its leadership position in the market by accelerating growth in the U.S. and internationally.
The amount of the investment was undisclosed. Tyagi, the Tango management team, and Frontier Growth will continue to hold stakes in the company. Frontier previously invested a minority stake of around $30 million in Tango.
“This capital will play a pivotal role in unlocking the next chapter of our growth story as we seek to take Tango to the next level,” Tyagi said in a statement. “We’re honored to welcome Berkshire as an investor and look forward to benefiting from the insights of their investment and portfolio support professionals.”
Preparing for the proptech boom
The company, which has partnered with more than 1,000 leading brands, names CBRE, Accenture, Cushman & Wakefield, BP, Wyndham, Yum, Wendy’s, Panera Bread, Whole Foods Market and many more on its website.
Today, its cloud-based SaaS and mobile solution is used across 140 countries, but according to the company, it plans to ramp up in the fast-evolving property-tech marketplace.
Tango offers real estate and facilities solutions across predictive analytics, transactions, projects, lease, space, reservations, and maintenance—all in a multi-tenant cloud architecture that has a single code base.
Virtual innovation hub
Last year, Tango launched a virtual innovation hub to explore technologies that could provide value to retail and corporate organizations. The efforts, TangoLabs, continued its mission to pioneer innovations that incorporate data science, AI, and ML to solve needs in real estate, it said.
Berkshire Partners plans to partner with Tyagi and the rest of the team to support its “commitment to product innovation and sustained growth,” specifically in the proptech market. The more than 35-year-old firm has a history of collaborating with management teams to expand the companies it invests in.
“In a post-COVID world, active management of real estate and facilities is more important than ever, and companies require solutions to help them stay in sync with a dynamic environment,” Jon Nuger, principal at Berkshire Partners, said in a statement.
“Given Tango’s market position and the unique solutions it provides to an array of blue-chip customers around the world, we view Tango to be a disruptive innovator that has significant potential to drive further value.”
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.