Leasing and asset management tech platform VTS has entered into an agreement to acquire proptech firm Rise Buildings.
Rise Buildings provides a technology platform to enable landlords to gather critical insights from occupiers and building management systems.
VTS said the acquisition would broaden its existing offerings for landlords and was the next step in the company’s continuing effort to ensure that 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.
Rise’s technology is currently used by landlords across the US and globally, including Blackstone, Hines and CIM Group. Its solutions include access and visitor management, health and safety, property operations and tenant experience. Rise integrates directly with in-place building management systems, access control and sensor systems, as well as amenities and lifts, generating advanced data and analytics to enhance property asset management.
VTS chief executive Nick Romito 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. After an extensive evaluation, we believe Rise has the right approach, technology and team; our landlord customers agreed and welcomed the decision.”
Prasan Kale, chief executive and co-founder of Rise Buildings, who will join VTS in the newly created position of managing director, said: “We’ve long admired Nick and the VTS team, particularly for the way they’ve modernised our industry’s approach to leasing and asset management.
“Joining forces with VTS will give us the ability to accelerate the delivery of the best-in-class technology offerings that landlords need now more than ever to emerge from Covid-19 unscathed. This combination positions us for future growth, and ensures that tenants have the information and capabilities to return to work safely.”
VTS said that, once integrated into its platform, Rise would allow customers to manage their portfolio-wide leasing, tenant engagement and building management activities from a unified platform, allowing them to understand their portfolios and tenants “at a level that’s never been possible before”, provide Covid-compliant visitor and employee access, and best position them to renew existing tenants and sign leases in a challenging market.
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