Our advanced technology differentiates us in the marketplace by harnessing the scale and scope of our data derived from billions of square feet of leased real estate. For example, our proprietary Valuation & Advisory technology system, called NGAGE, improved the efficiency and effectiveness of our appraisers. We expect NGAGE to aid the growth of our Valuation & Advisory business throughout the rest of the world, and also expect the underlying technology to be applicable in many of our other business lines.
In 2019, Newmark acquired Workframe, Inc. (“Workframe”) which is a collaboration platform that we believe will help our brokerage professionals better service their clients. In addition to generating revenue from software licenses and user agreements, we believe our technology solutions encourage customers to use Newmark to execute capital markets and leasing transactions, as well as other recurring services. Our N360 custom mobile tools provide access to our research, demographics and notifications about various property-related events. This allows us to facilitate more timely dissemination of critical real estate information to our clients and professionals spread throughout a diverse array of markets.
To maintain our competitive advantage in the marketplace, we employ dedicated, in-house technology professionals and consultants who continue to improve existing software products as well as develop new innovations. We will continue to aggressively develop and invest in technologies such as these which we believe will drive the future of real estate corporate outsourcing.
The Workframe software tool is a workflow solution that was built to address the unique complexity of the CRE project lifecycle. Newmark’s strategic acquisition of Workframe, further solidifies the Company’s differentiated, value-add and client-facing technology platforms and is expected to be utilized by Newmark professionals and clients to manage a high volume of concurrent projects, seamlessly engage throughout a document-centric workflow, and unite large, geographically distributed teams, often comprised of stakeholders across multiple third-party organizations.
Spaceful is a technology platform that helps brokers transform space tours for the digital age, saving time and strengthening tenant relationships along the way. Through an intuitive web-based software, brokers can design dynamic tour experiences that draw from Newmark property data and third-party data providers. A drag-and-drop interface allows brokers to assemble elegant tour books in minutes and collaborate with colleagues and tenants throughout the tour experience. The result: a more interactive, more collaborative tour experience that benefits brokers and tenants alike.
Ideal is Newmark’s proprietary CRM system used by Capital Markets and Brokerage alike, currently undergoing a user experience refresh. With the platform unique to Newmark, it allows us to manage a private database and tailor the data fields being captured directly to what our business needs, giving us a competitive advantage. Ideal tracks Deals, Companies, Contacts & Properties while streamlining processes, and improving profitability. By fostering collaboration across Newmark, the CRM provides valuable insights for conversion and upselling opportunities.