Santa Barbara, Calif.-based Yardi Systems is preparing to announce its acquisition of Colorado Springs, Colo.-based Energy Billing Systems (EBS), company vice president of marketing Brad Setser confirmed this week in an exclusive interview with Multifamily Executive. The acquisition will provide utility billing and metering services as part of Yardi Utility Billing, a newly developed utility billing solution for multifamily clients using Yardi Voyager. EBS will enable Yardi to include full sub-metering services along with Ratio Utility Billing System (RUBS) calculation functionality to Voyager clients, allowing for allocation of resident utility usage costs for individual dwellings in master-metered multifamily complexes.
“We acquired EBS to help satisfy demands in the multifamily real estate market for centralized sub-metering and RUBS capabilities. EBS has built an excellent reputation over its 28 years in business, and this strategic acquisition capitalizes on the expertise of a well-established and well-respected company,” says Yardi Systems senior vice president Terri Down in a statement obtained in advance by MFE. “We anticipate continuing to serve and expand the existing EBS client base and look forward to offering our fully integrated utility billing product to them and Yardi’s other multifamily clients.”
With the EBS acquisition, Yardi plans to begin offering full convergent billing functionality to its user base, allowing property managers on the Voyager system to electronically deliver a monthly bill to residents that include rent and all ancillary charges, including utilities and storage and parking fees and other miscellaneous charges. “Convergant billing helps to ensure that residents pay utility and other bills on time,” Setser says. “It eliminates the tendency to forget separate and smaller billings that get lost in the desk drawer.” Residents can then pay their convergent bill online using Yardi Portal, or by check which can be processed using Yardi CHECKscan.
For the multifamily market, Yardi is focusing on helping property managers maximize efficiencies by standardizing on a central software for the entire business process, Setser says. Yardi's suite of products contains portals, online payments, electronic invoice processing, and online purchasing of MRO products and utility billing. “The suite includes a number of products and services that we have had on the market plus some new capabilities including utility billing, and because they are all on the same platform they are naturally integrated,” Setser says. “By using all of the products together you’re removing data transfer, redundancy, human error, and multiple time and resource consuming tasks.”
EBS utility billing functionality, convergent billing, and product and service suites are expected to be among the hot topics unveiled to Yardi users at the Yardi Advanced Solutions Conference held in Santa Barbara from Oct. 14 to 16. “We’ll be talking about how are clients can take advantage of our suite of products, and we'll be looking for early adopters for our utility billing product,” Setser says. “The success of any software offering is dependant on those progressive users who implement the product immediately and help to ultimately refine it, but utility billing will be launched and ready for the marketplace at large to implement it by the end of the year.”