SmartRent, a leading smart home and smart building automation provider, has acquired SightPlan, a leader in multifamily workflow management, in a $135 million all-cash transaction. According to SmartRent, this acquisition will further its product road map and augment the breadth of cloud-based SaaS solutions for current and prospective clients—creating a comprehensive property and resident management platform.
“We are excited about bringing SightPlan on to the SmartRent platform; the alignment of our open-API solutions creates a powerful combination for real estate operators,” said SmartRent CEO Lucas Haldeman. “Our organizations share similar values and have a deep passion for helping people live easier, better lives. Combining our highly complementary product offerings enables us to deliver enhanced experiences for residents, property owners, and managers, and increases our competitive advantage. We know the SightPlan team well and are excited to welcome them into the SmartRent family.”
Founded in 2013, SightPlan is a growing vertical SaaS provider that automates communications, resident engagement, field services, and maintenance workflow, inspections, due diligence, and audit management for owners and operators. SightPlan provides solutions for than 160 owners and managers, with offerings at use at nearly 6,000 properties nationwide. Its customer subscriptions is expected to add approximately $10 million to SmartRent’s SaaS revenue for this year.
“We’ve had a strong working relationship with the SmartRent team for years and have a tremendous amount of respect for all they have accomplished as the industry leader in enterprise real estate technology,” said SightPlan CEO Terry Danner. “When we looked at the value combining our teams, our innovations, and our strategies would bring to the real estate industry at large, it became a must-do. We are excited for all that we will be able to accomplish as one team.”
According to SmartRent, the combination of the two firm’s solutions will provide a one-stop platform that broadens support of property operations and furthers the integration of smart technology, enhancing the experience for residents, property owners, and managers. SightPlan also has a history of growth, increasing its SaaS revenue at a compound annual rate of approximately 60% since 2018. In addition, SightPlan’s core market includes conventional multifamily, affordable, privatized military, and student housing, with its tools adaptable to other verticals, including manufactured housing, condo, HOA, single-family rental, build-to-rent communities, and commercial.
“Together, we have an opportunity to increase the positive impact we make in the enterprise real estate technology space,” said SightPlan founder and president Joseph Westlake. “Combining our solutions further enhances our ability to improve the lives of residents, owners, operators, managers, developers, and home builders.”
SightPlan will continue to run its operations from its Orlando, Florida, office. Its team will join SmartRent as employees.
Software Equity Group served as the exclusive advisor to SightPlan on the transaction.
