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Commercial real estate tech startups to merge into $300M company

Dive Brief:

  • Commercial real estate management startups VTS and Hightower announced this week that they will merge, creating a $300 million company, The Wall Street Journal reported.
  • Soon to have 5.5 billion square feet of commercial space under management in the U.S. and U.K., the new firm, which will retain the name VTS, will be one of the largest tech companies in the commercial real estate sector. The companies offer real estate owners with tenant tracking and management tools that they can access via a smartphone dashboard. 
  • The two firms were corporate rivals for about 10 years. VTS CEO Nick Romito, who will also lead the merged company, said the merger will allow the new tech firm to focus on advanced features for its platform. The new company will have approximately 275 employees.

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