SmartRent Inc., a provider of smart home and smart building automation for property owners, managers, developers, homebuilders and residents, has acquired iQuue LLC, an open-architecture smart apartment company with over 22,000 installed and committed units throughout the East Coast. The acquisition provides SmartRent incremental exposure in the new-build multifamily market and expands SmartRent’s presence in the Southeast by adding 19 new customers who own or control approximately 100,000 units.
“iQuue has built an impressive smart apartment and community WiFi offering for its clients. We share a similar value proposition that enables operators to leverage smart devices to improve the resident experience while managing properties more efficiently and effectively,” said Lucas Haldeman, CEO of SmartRent. “The iQuue team brings expertise in deploying their platform in the new construction market which is an important component of our growth plan. Moreover, the team has also been successful in penetrating property owners and managers with less than 20,000 units under management, helping to diversify our customer base while expanding SmartRent’s presence in this property-rich segment of the multifamily market.”
The acquisition is expected to add approximately $2.0 million in annual recurring revenue (ARR), to SmartRent’s revenue stream and will immediately diversify and expand SmartRent’s customer base by adding over 16,600 completed units and an additional 6,300 committed units to its sales pipeline. iQuue’s co-founders, Jonathan Rivera and Keith Vincent, and their team will join SmartRent to ensure a smooth integration and to help further SmartRent’s growth initiatives.
iQuue clients will be onboarded to the SmartRent platform which will make available an expanded set of smart offerings including access management, self-guided tours and other IoT solutions. Since 2020, iQuue has provided a managed WiFi service that will complement and enhance similar SmartRent initiatives.
