SmartRent Inc., a provider of smart home and smart building automation for residents, property owners, managers, developers and homebuilders, has acquired SightPlan Inc., a provider of multifamily workflow management, for approximately $135 million in an all-cash transaction. The SightPlan team will join SmartRent as employees, and SightPlan will continue to run its operations from its Orlando, Florida office.
The acquisition advances SmartRent’s product roadmap and augments the breadth of cloud-based SaaS solutions for current and prospective customers, creating a comprehensive property and resident management platform, the company said.
“We are excited about bringing SightPlan on to the SmartRent platform; the alignment of our open-API solutions creates a powerful combination for real estate operators,” said Lucas Haldeman, CEO of SmartRent. “Our organizations share similar values and have a deep passion for helping people live easier, better lives. Combining our highly complementary product offerings enables us to deliver enhanced experiences for residents, property owners and managers, and increases our competitive advantage. We know the SightPlan team well and are excited to welcome them to the SmartRent family.”
SightPlan’s end-to-end, top-to-bottom real estate operating platform automates communications, resident engagement, field services and maintenance workflow, inspections, due diligence and audit management for real estate owners and operators. These solutions empower customers to increase net operating income through improved efficiencies and cost reductions, streamline communication and processes, improve regulatory compliance and maintain and preserve assets onsite at communities. It replaces manual processes, time-consuming spreadsheets, point solutions and closed property management systems associated with community and portfolio workflow operations.
SightPlan provides solutions services for more than 160 real estate owners and managers. The company’s offerings are in use at nearly 6,000 properties nationwide, including communities from four of the top five largest owners on the 2021 National Multifamily Housing Council’s (NMHC) Top Owners List, and more than half of those included on the NMHC Top Managers List.
“We’ve had a strong working relationship with the SmartRent team for years and have a tremendous amount of respect for all they have accomplished as the industry leader in enterprise real estate technology,” said Terry Danner, CEO of SightPlan. “When we looked at the value combining our teams, our innovations, and our strategies would bring to the real estate industry at large, it became a must-do. We are excited for all that we will be able to accomplish as one team.”
