Property management technology startup PayLease announced today its acquiring Zego, another startup with a platform that integrates multiple smart home devices into one mobile hub. The two private companies did not immediately reveal pricing or other details on the structure of the acquisition deal.
From the Zego platform, a resident can control a number of smart devices from locks, lights, thermostats and even get advice through, “Millie,” a new artificial intelligence virtual assistant from the company.
With the acquisition, Zego’s platform will be integrated into PayLease’s payments, resident billing and utility management platform.
“We recognize that our clients are in need of platform-agnostic, resident-centric technologies that drive increased resident satisfaction and improve operational efficiency,” PayLease CEO Dirk Wakeham said in a statement. “We look forward to providing additional value to management companies by offering a fully-featured, best-in-class engagement platform that will allow them to increase resident satisfaction and retention, improve resident communications, automate inefficient processes, and reduce vacant unit costs.”
PayLease’s platform enables tenants to pay rent and utilities, submit work orders, communicate with management staff and receive package notifications in one app. By integrating the two platforms, tenants will be able to automate more of those tasks, especially with the addition of Millie.
PayLease is backed by Vista Equity Partners, a technology investment firm with a portfolio of dozens of companies.
“PayLease is the most well-known payments company in the property management industry, and this news speaks to the company’s focus on enhancing their offerings with new capabilities and innovative technologies,” Marc Teillon, principal at Vista Equity Partners and co-head of the Vista Foundation Fund, said in a statement.