VTS, the commercial real estate leasing, marketing and asset management technology platform, has entered into an agreement to acquire Rise Buildings, the property operations and tenant experience technology company used by landlords including Blackstone, Hines and CIM Group. The acquisition will broaden VTS’ existing market-leading offerings for landlords and is the next step in VTS’ continuing effort to ensure landlords have the best-in-class technology they need to operate as efficiently as possible and create the best environment for tenants during the COVID-19 recovery and beyond, the company said.
“In acquiring Rise, VTS expects to 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,” said Nick Romito, CEO of VTS. “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 digitizing the entire asset experience. After an extensive evaluation, we believe Rise has the right approach, technology and team; our landlord customers agreed and welcomed the decision.”
Rise’s technology is used by landlords across the United States and globally to manage property operations and deliver a better property experience for tenants and occupants as well as property management. Solutions include access and visitor management, health and safety, property operations and tenant experience. Rise integrates directly with in-place property management, access control, and sensor systems, as well as amenities and elevators.
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. Rise customers will benefit from expanded support and R&D investment to deliver even more capabilities. VTS expects to integrate Rise into the VTS platform at a future date, enabling VTS customers to manage their portfoliowide leasing, tenant engagement and building management activities from a unified platform.
“We’ve long admired Nick and the VTS team, particularly for the way they’ve modernized our industry’s approach to leasing and asset management,” 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.”
