Real estate lease management platform VTS is buying property technology startup Rise Buildings in a $100m (€90.9m) deal.
VTS said it has entered into an agreement to acquire Rise Buildings, the proptech platform used by landlords across the US States and globally including Blackstone, Hines, and CIM Group.
IPE Real Assets understands VTS is investing $100m in the deal which is expected to broaden VTS’ existing offerings for landlords.
The Rise Buildings platform provides end-to-end occupant experience and property operations and will expand the offering of the VTS platform which manages more than 11bn sqft of commercial real estate and has a user base exceeding 45,000.
As part of the acquisition, Prasan Kale, CEO and co-founder of Rise Buildings, will join the VTS team in the newly created position of managing director, where he will oversee the strategic direction of Rise within VTS.
Nick Romito, CEO at VTS, said: “In acquiring Rise, VTS will continue to expand and strengthen the value our customers already receive from our platform, with new capabilities that will be more critical than ever as landlords focus on renewing existing tenants and reducing vacancies in the coming months.
“By integrating Rise into the VTS offering, our aim is to redefine the category of tenant experience and provide landlords with a full-service platform that continues the journey of digitising the entire asset experience.”
Kale said: “Joining forces with VTS will give us the ability to accelerate the delivery of the best-in-class technology offerings landlords need now more than ever to emerge from COVID-19 unscathed.
“This combination positions us for future growth, and ensures tenants have the information and capabilities to return to work safely.”
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