RealPage, a publicly traded full-service property management technology firm with over 12,200 patients worldwide, today announced that it has acquired Stratis IoT, a startup that equips IoT services to the real estate industry, with a focus on access and energy management tools.
” RealPage aims to become a contributing provider in the burgeoning rental asset automation grocery, and thereby create significant the possibilities for adventurers to increase leases, improve sustainability, add functional effectiveness, shorten operating costs and enhance the customer experience for the company’s nearly 19 million cells throughout the United Commonwealth ,” said RealPage CEO Steve Winn.” The smart structure engineering also provides a launch area for expanded international procedures, thanks to Stratis’ existing international presence .”
Stratis is currently installed in about 380,000 dwellings in the U.S ., Japan, U.K. and several nations of europe and Latin America. Both Stratis and RealPage target a wide range of the real estate industry, arraying from multifamily units to student room, vacation homes and commercial real estate.
Traditionally, the real estate market wasn’t always the first to adopt modern technologies. That’s quickly changing now, though, in part because of the promise of IoT, which isn’t just a boon to renters looking for modern answers in their accommodations but likewise represents the possibility of significant cost savings for service industries. RealPage argues that smart technology can generate a revenue lift of $55 per unit, for example, and that’s the kind of saving( and higher receipts) that will push even bequest B2B scaffolds to modernize.
One domain where Stratis stands out is its ability to integrate with a wide variety of third-party answers.
” Holistic building-wide access and utility management and control are integral to building optimization and the resident experience, which have become increasingly intertwined ,” said Stratis IoT CEO Felicite Moorman.” RealPage and Stratis IoT combine two industry-leading, best-in-class programmes to create a powerhouse of dominance and single-app resident experience for multifamily, student living, and beyond .”
The two companies did not disclose the price of the acquisition. It’s worth noting that RealPage isn’t a stranger to making acquisitions to bring its engineering up to hastened. A year ago, the company acquired Hipercept, for example, a house that provided data services and data analytics to the institutional real estate market. Then, in December, it also acquired Buildium, a SaaS property management solution with over two million units under administration. In 2019, the company said planned to spend just over $100 million on acquisitions.
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