Facility Management

This Research Note examines Apleona, the German facilities management provider, since the group’s acquisition by Bain Capital in February 2025.  We explore its financial highlights in 2025, its market position in Europe, and assess its acquisitions and strategic investments in the last 18 months. This article updates our previous coverage of Apleona in February 2025. Apleona […]

This Research Note examines Assemblin Caverion in 2025 and 2026, following the completed merger in April 2024.  We explore group strategy, the first full year of financial results and highlight recent activities and acquisitions in the smart buildings sector. This article updates our previous coverage of the group in March 2024, November 2022, and September […]

This Research Note examines Trane Cloud, the digital hub for smart building operations launched by Trane Technologies in February 2026. We analyze the evolution of Trane’s digital platform over the past 13 years through acquisitions and partnerships, as part of the group’s strategy to grow its digital services offering. Trane Cloud Trane Cloud is positioned […]

This Research Note examines the Building Operations & Experience (BOE) segment of CBRE, since it was established in January 2025, a successor to the former Global Workplace Solutions business acquired from Johnson Controls in March 2015.  We highlight the revised 2025 financials reported on 24th March 2026, reflecting the Pearce Services acquisition and resulting expansion […]

Every year, the commercial real estate industry pours more money into connected building technology, and every year a stubborn gap persists between the ROI promised in the vendor deck and the ROI that actually shows up in net operating income (NOI). The reflex is to blame the tech: the wrong platform, the wrong integrator, the […]

This Research Note examines Canadian scaleup firm, Mappedin, which has recently closed a $24.5 million Series B funding round.  We explore the development of its indoor mapping solutions and its total venture funding before commenting on its evolution to a unified digital platform for complex multi-building environments. Mappedin Profile Established in 2011 and headquartered in […]

This Research Note examines Spacewell and Crem Solutions, the Manage segment of Nemetschek Group. We report their 2025 financial highlights, announced on 19th March 2026 and recent initiatives, before assessing the future prospects of the businesses. This article updates our previous coverage of the group in April 2025. Nemetschek Manage Segment Spacewell (headquartered in Antwerp, […]