Commercial real estate tech leaders VTS and Hightower announced a merger Tuesday that serves a collective customer base of 5 billion square feet. Together, the new company will combine the strongest leasing and asset management features into one platform to better serve their customer base.
The merger agreement brings Hightower under VTS. Nick Romito continues as VTS CEO, and other VTS senior executives remain in their roles. The senior staff of Hightower assumes senior positions at the new VTS, with former CEO Brandon Weber taking on the Chief Product Officer role, co-founder Niall Smart becomes the Senior Vice President of Engineering, and Donald Desantis will be the Senior Vice President of Product Design. Weber will sit on VTS’ Board of Directors.
VTS CEO and co-founder Nick Romito said the $15 trillion commercial real estate industry stands at a pivotal point in technology adoption, with both firms earning the trust of leading industry brokerages and asset managers. He believes the company’s combined expertise will enhance VTS’ service offering and allow the company tackle more ambitious industry challenges.
“I’ve been amazed, quite frankly, at how aligned we are in terms of how we build product, from the importance placed on customer empathy to going deep into customer problems to understand at the core what it is we’re really trying to solve,” SVP Donald Desantis said during the merger announcement.
VTS is the world’s leading asset management and leasing platform that helps brokers and landlords manage activity, identify trends, and quantify portfolio performance anywhere at anytime. Hightower provided the commercial real estate industry with a leasing and asset management platform designed to reduce risk and increase returns.
“In merging with Hightower, we’re bringing together top institutional and local market operators on one platform for the first time. This presents a huge opportunity to create an ecosystem for commercial real estate; a platform the industry can rely on for real-time intelligence and seamless communication across the globe,” said Ryan Masiello, Co-founder and Chief Revenue Officer at VTS. “Our vision is to create the standard solution that landlords, asset managers and brokers want to make more informed decisions, improve efficiency, and ultimately drive better performance across their portfolios and the entire marketplace.”
The merger will create connected technology systems and data sources that will improve a customer’s understanding of their assets and the marketplace. Real-time data will be shared on a global scale. The enhance capabilities and combined strengths of VTS and Hightower will accelerate innovation all with the emphasis on helping users build a competitive advantage.
Customers will begin to receive the best of VTS and Hightower in the coming months. VTS plans to combine the best features of both asset and leasing management platforms to enhance the customer experience.