Exclusive: Measurabl acquires WegoWise from AppFolio

Measurabl, a software company for real estate portfolio management, has acquired utility data company WegoWise in an all-cash deal.

Why it matters: The agreement is being driven by demand for ESG software at a time when the entire business sustainability movement is under scrutiny.

The latest: Measurabl CEO Matt Ellis tells Axios that he was approached by AppFolio to consider a deal. AppFolio is a public real estate management company that owns WegoWise.

• WegoWise's team, customer roster and technology will all be absorbed into Measurabl following the close of the transaction, Ellis says.

State of play: This is Measurabl's second acquisition this year.

• It acquired Hatch Data, another data provider, in April.
• Measurabl has raised $85 million in venture capital since its inception in 2012, and Ellis said that the company was "on the cusp of another large funding round." Financial terms of the deal were not disclosed.

Between the lines: Software companies serving large asset managers are in hot demand, particularly those that analyze and provide data on sustainability measures for physical assets.

The bottom line: Following the acquisition, Measurabl now has access to building-level utility data from WegoWise software and customer set (which also includes affordable housing developments and multifamily units), in a broader pitch for asset managers tracking and reporting on physical sustainability initiatives.