Industrial News

Entin founded IBS in 1979, and the firm has grown to service more than 120 prominent real estate companies, including many institutional firms. With a 26-year development history, IBS and its software are recognized as industry leaders. The package addresses virtually all property management, accounting and construction management tasks. The company is in the midst of one of its most dynamic growth periods in years, with the current release of IBS 10.0i, a browser-based version of the system.

IBS and Vornado began working together in 1997, after Vornado acquired The Mendik Company, a long-time user of the IBS System. Since then, IBS has handled property management and accounting functions for about 50 percent of Vornado’s 87 million-square-foot national portfolio. In 2002, Vornado became an investor in IBS’s multi-million dollar IBS 10.0i project.

“The evolution of our client/vendor relationship has reached an unprecedented level,” said Entin, who will transition into his position at Vornado on Jan. 1, 2006. IBS will recruit a new President to run the company and provide leadership to facilitate continued growth. Entin will dedicate time to IBS, as needed, on an ongoing basis.

IBS PRODUCT POSITIONED FOR THE FUTURE
For the past three years, IBS has been focused on development of IBS 10.0i. The new version can be run as an intranet within a firewall and corporate network, or over the Internet via an Application Service Provider (ASP). The product is scalable for users of all sizes, from very small to large enterprises.

“Today, 15 users have committed to IBS 10.0i, and industry-wide enthusiasm continues to validate our efforts and demonstrates demand to incorporate the next generation of technology into property management automation,” he added. “The past three years of grueling R&D have been phenomenally successful. We have rebuilt our product to serve the next generation of real estate automation needs for our existing and future client base.”

IBS is at an important juncture and poised for national growth, according to Entin. “This is a natural time to find a qualified individual to execute the company’s expansion plan,” he said. “With my new role still focused on guiding the company’s direction and technology architecture, our established team, and new leadership, IBS will remain committed to the partnership approach that has always guided its philosophy in working with users.”

A WIN-WIN DECISION
Vornado is one of the nation’s largest REITs. A fully integrated real estate company, it owns and operates office, retail and showroom properties with large concentrations in the New York metropolitan area and in the Washington, D.C. and Northern Virginia region.

“We are thrilled that Robert has agreed to join our team,” said Joe Macnow, Vornado’s Chief Financial Officer. “We will have access to an incredible think-tank in Fairfield while gaining the benefit of an in-house CIO to manage our 40-person information technology department. We are looking forward to having a new level of expertise on our staff and believe the partnership will signal great things for both companies.”

Entin stressed that his decision to join the Vornado team was finalized only after careful discussion with IBS staff members, shareholders and users. “We recognized that in order to secure the future of IBS, the change required approval from our clients,” he added. “As a result, the final decision came after numerous key meetings with our user base.

“Our management team has reached an extraordinary level of maturity and has been running the majority of the day-to-day business for some time,” Entin noted. “My involvement as Chairman and CTO will allow me to continue to provide corporate vision and design guidance, thus enabling me to contribute to IBS’s future success. My new position at Vornado is a great endorsement for the IBS product and the company as a whole. For IBS, it means significant, continued usage by Vornado, as well as my ongoing involvement in the product’s research and development.”

Reckson Associates, a long-term IBS user and investor, was among those consulted about the change. “We naturally had and continue to have concerns,” noted Scott Rechler, President and Chief Executive Officer. “However, we have worked with Robert and IBS for more than 20 years. After considerable discussion, we are confident that the move being made by Robert is strategically sound and should ultimately benefit IBS and its users. It is on that basis that our conversations ended on a positive note and that we continue to look forward to a strong relationship with Robert and IBS.”

Edward S. Pantzer, President of Pantzer Properties, concurred. “I immediately saw the tremendous benefit for IBS,” he said. “We at Pantzer Properties have every confidence in the IBS product and complete trust in Robert’s skill and experience. As one of IBS’s first customers more than two decades ago, it is gratifying for me to see that the company is continuing to evolve as an industry leader. We look forward to maintaining our long and beneficial relationship and wish Robert the best of luck in his new endeavor.”

Entin credits the strength of IBS’s many long-term client relationships to both the quality of its product and the service that supports it. Written by real estate development, management and accounting professionals, the IBS system provides unparalleled levels of functionality and auditability. Every aspect of delivery – from hardware, customized software, installation and data conversion, to extensive on-site training, service, support and system updates – is provided with an extraordinary level of care.