NEW YORK – March 20, 2023 – Berkadia announced today the acquisition of BlueSuit’s technology platform, an AI-driven data extraction solution, specific to commercial real estate documents.
As a result of the acquisition, members of BlueSuit will be joining Berkadia and reporting to Chief Technology Officer Gary Mumford.
“While many of our competitors are reducing investments in order to get short-term cost savings in today’s environment, Berkadia continues to take the long view. As a privately-held company, we have the strength to continue to make smart investments in people and technology which will positively impact on our long-term growth,” said Chief Executive Officer Justin Wheeler. “Since Berkadia has worked closely with BlueSuit for years now through our BeEngaged program, it was a natural next step to bring them on and expand our technology capabilities.”
BlueSuit’s unique solution will bring a new level of automation to several operations across Berkadia, driving value through efficiency, unlocking new insights, and ultimately reducing risk and increasing speed of execution for our clients.
“With the acquisition of BlueSuit’s technology platform, we are poised to accelerate our AI-driven technological evolution and enhance our product offerings, delivering unmatched value to our customers,” said EVP, Chief Information and Innovation officer Damu Bashyam. “This acquisition underscores our commitment to innovation and tireless pursuit of excellence in the commercial real estate industry.”
“We’re excited to see BlueSuit’s technology platform combine with the vision and resources of Berkadia to lead technology innovation in the CRE industry,” said Tanner McGraw, CEO and Co-founder of BlueSuit. “Based on a deep multi-year partnership, we gained an appreciation of Berkadia’s focus on an investment in people and a nuanced understanding of technology in the CRE space. There’s no doubt that BlueSuit’s breakthrough ideas will power truly disruptive implementations in the years to come.”
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