Acquiring the assets of AnthemIQ will enable Vancouver-based brokerage Floorspace to create a more holistic, streamlined data platform for the sector, according to Floorspace founder and executive managing director Matt Carlson.

Describing AnthemIQ as a “market leader” in assisting brokers, performing financial analysis and tracking leasing data, he said the Austin, Texas-based company struggled with market adoption “even though the product itself is amazing.”

One reason was because it operated in a niche market. Another was because the back-end data was missing.

With the transaction, which was announced last week, Floorspace is attempting to address this gap. Floorspace is taking AnthemIQ’s client-focused, front-end product and pairing it with its own back-end platform, which collects data related to leasing and listings and presents it in a consistent format, Carlson said.

Floorspace’s brokers will be able to work more efficiently and serve more clients, while those clients will have access to an intuitive, simplified portal where they can see the information in real-time, he said.

Carlson declined to disclose the financial terms of the transaction.

Brokers 'craving technology' like AnthemIQ’s

A hybrid business that serves both as a brokerage focused on the commercial real estate sector and as a technology company, Floorspace primarily leases office space. It operates across major cities in Canada and the U.S., by partnering with local brokerages.

Formerly a commercial real estate brokerage named Elevate, AnthemIQ was formed when the brokerage was sold so its technology-focused side could be scaled up as a standalone business. It developed a digital workspace named TransactIQ, which is designed to bring stakeholders together during lengthy transaction life cycles.

Carlson said he was aware of the company and its “amazing product” for years before embarking on the transaction.

Another trend Floorspace is capitalizing on is the push for greater efficiency in the brokerage sector. Brokers have been “craving technology” to boost their productivity and process more clients, Carlson said.

“We're really seeing brokers seeking to just improve their day-to-day and set themselves apart so they can service their clients better,” he said. “They can get more clients. They can handle more transactions in a given year.”

Since the announcement of the acquisition, Carlson said he has had brokers reach out to Floorspace expressing interest in its tools and plans. He anticipates more brokers will be seeking such capabilities, partially because the commercial real estate sector has been a laggard in digital adoption.

Floorspace aims for 'thoughtful' growth

Over the coming months, Floorspace will be integrating AnthemIQ into its platform, starting with pilot programs involving select brokers and clients.

Growing in “a thoughtful way” is Carlson’s vision for Floorspace. His goal is to attract brokers, either in Vancouver or other core markets in Canada, who are looking to improve their workflows and offer superior service to their clients.

“The plan is to grow with the right types of brokers who will continue to move in the direction that we think the industry is heading.”