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

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 Megan that he was approached by AppFolio, a public real estate management company that owned WegoWise, to pursue the sale.

• 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 says that the company is "on the cusp of another large funding round."

Between the lines: The lull in venture funding across software companies is setting the stage for a robust consolidation wave in favor of later-stage companies that are able to snap up smaller groups at a discount.

Yes, and: 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.