Real estate software and data analytics provider RealPage announced on Monday the acquisition of Stratis IoT, an integrator of smart devices and systems for multifamily and student apartment buildings through the use of a single resident app.
RealPage provides full property management services to about 12,200 clients globally.
“Stratis IoT positions RealPage to enter a burgeoning market for smart access control, smart home devices and revolutionary new bulk Wi-Fi networks,” RealPage CEO Steve Winn said in a statement.
“New breakthroughs in cost now make smart access control, smart home devices and high speed Wi-Fi affordable for existing apartments,” he added. “What Stratis IoT does is connect all of these smart systems into a single, seamless resident app with one user credential for each resident, which enables owners to recognize more revenue through monetization of amenities and enables residents to enjoy easier living and working from the next generation of connected apartment buildings.”
In addition to opening up RealPage to the smart building industry, the acquisition will also allow the company to increase its international footprint since Stratis IoT is currently used in over 380,000 units in the U.S., Japan, the UK, EU and Latin America.
RealPage will preserve Stratis IoT’s employees and operations in its U.S. headquarters in Philadelphia as a fully owned subsidiary.
RealPage claims that smart technology can save $55 per unit, according to TechCrunch. If that figure is accurate, the company stands to make significant cost savings with its new relationship with Stratis.
“If ever there was a time for bold action to positively impact our industry, that time is now,” Felicite Moorman, CEO of Stratis IoT, said in a statement. “Holistic building-wide access and utility management and control are integral to building optimization and the resident experience, which have become increasingly intertwined. RealPage and Stratis IoT combine two industry-leading, best-in-class platforms to create a powerhouse of control and single-app resident experience for multifamily, student housing and beyond.”
The acquisition of Stratis comes just a few months after RealPage’s acquisition of property management provider Buildium in December 2019. Although RealPage and Stratis did not disclose the price of the acquisition, as of the acquisition of Buildium, RealPage had shelled out over $1.5 billion on acquisitions over the past two years.