Dive Brief

• SmartRent, a Scottsdale, Arizona-based smart tech platform focused on automation and control systems for property owners, acquired Orlando, Florida-based multifamily operations provider SightPlan for $135 million on March 22 in an all-cash transaction.
• The company expects to integrate SightPlan's existing services into its own, creating a combined property and smart tech management platform with applications for property owners, managers and residents. These include personalized call automation, a resident app and portal infrastructure, property operations, property inspection support and a record management system. 
• SmartRent anticipates that SightPlan's existing customer subscriptions will add approximately $10 million to the combined company’s software-as-a-service (SaaS) revenue for 2022. 

Dive Insight

As a combined platform, both parties will continue to offer an open-API architecture that enables integration with third-party providers. As long-term integration partners, the SightPlan acquisition marks the latest step in the working relationship between the two companies, according to Lucas Haldeman, CEO of SmartRent.

"As our partnership grew, we kept seeing how our innovations and solutions continued to align and deliver greater value to our shared customers," Haldeman told Multifamily Dive. "The conversation started to turn from integration to full collaboration and connection."

SightPlan's customer base includes over 160 real estate owners and managers, including Cushman & Wakefield, Lincoln Property Company and Trammell Crow Residential, and serves nearly 6,000 properties across the country. The company has grown its SaaS revenue by a compound annual growth rate of approximately 60% since 2018, and has net retention of existing customers exceeding 100%, according to the release.

While SightPlan's market is primarily multifamily rental communities, its tools can be adapted to a number of other real estate applications, including single-family rentals, HOA and commercial applications..

The SightPlan team, now employees of SmartRent, will continue to operate out of its existing Orlando office.

"Together [with SmartRent], we have an opportunity to increase the positive impact we make in the enterprise real estate technology space," said Joseph Westlake, founder and president of SightPlan, said in the press release. "Combining our solutions further enhances our ability to improve the lives of residents, owners, operators, managers, developers and homebuilders."