Proptech company RealPage has entered the smart building space. The company paid an undisclosed amount to acquire STratis IoT, a property management tech firm based in Philadelphia.
Stratis IoT connects smart apartment systems and devices into one app, integrating over 100 of the largest providers of smart apartment devices and systems.
“Stratis IoT positions RealPage to enter a burgeoning market for smart access control, smart home devices and revolutionary new bulk Wi-Fi networks,” Steve Winn, chief executive officer of RealPage, 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.”
Stratis IoT, launched in 2013, is currently available in 380,000 multifamily and student housing units across the U.S., Japan, the UK, EU, and Latin America, according to a release. It connects various smart systems into a single app, with one user credential per resident. RealPage says Stratis IoT will enable property owners to monetize different types of amenities.
RealPage said it will also unveil a new connected building initiative, showcasing how the Stratis IoT acquisition complements its other tech at a virtual conference later this month.
“Holistic building-wide access and utility management and control are integral to building optimization and the resident experience, which have become increasingly intertwined,” said Stratis IoT’s CEO Felicite Moorman, who added that they are targeting multifamily and student housing sectors.
RealPage said it plans to retain Stratis IoT’s employees and operations in Philadelphia as a wholly-owned subsidiary.
Earlier this year, RealPage announced it acquired multifamily real estate engagement solution Modern Message, after acquiring real estate property management solution provider Buildium, valued at $580 million. Realpage last year also acquired Hipercept, a data company focused on the institutional real estate market. It was also the victim of a $10.5 million hack.
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