RealPage, which provides software and data analytics to the real estate industry, announced the acquisition of STRATIS IoT, a firm that connects smart apartment systems and devices into a single resident app.
“STRATIS IoT positions RealPage to enter a burgeoning market for smart access control, smart home devices and revolutionary new bulk Wi-Fi networks. New breakthroughs in cost now make smart access control, smart home devices and high speed Wi-Fi affordable for existing apartments. 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,” said Steve Winn, CEO of RealPage.
“If ever there was a time for bold action to positively impact our industry, that time is now,” said Felicite Moorman, CEO of STRATIS IoT. “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.”
Under the terms of the acquisition, RealPage plans to retain STRATIS IoT’s employees and operations in Philadelphia as a wholly-owned subsidiary.
RealPage said it provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency in asset performance, leverage data insights and monetize space to create incremental yields, the company said.
Texas-based RealPage currently serves approximately 19 million units worldwide from offices in North America, Europe and Asia. STRATIS says it has installations in more than 380,000 apartments across the U.S. and has launched in Japan, the U.K., Europe, and China.