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US: Goldman Sachs-backed property management software company Inhabit is said to be going up for sale in early 2024, private equity and banking executives told Fortune.com this week.
Investment banking and advisory firm, Jefferies, is reportedly advising on the transaction, which is expected to begin in the first quarter of 2024. The sources also told Fortune that they anticipated Inhabit to sell for more than $2 billion.
Founded in 2016, Inhabit received “a significant investment” from Goldman Sachs’ merchant banking division back in December 2020, which it said it would use to invest in innovation, accelerate growth and continue its acquisition strategy. Inhabit’s short-term rental property management software [PMS] brands include Streamline, LiveRez, VRN, SuperControl and LMPM – the latter which was acquired in March.
Inhabit’s brands offer customer relationship management systems, lead and channel management, direct-booking websites, trust accounting, billing and payment processing, communication tools, risk mitigation solutions, and other solutions.
With more than 7,000 property management companies as customers, Inhabit is also backed by the likes of Insight Partners, Greater Sum Ventures and PSG as institutional shareholders – the latter which invested in Hostaway’s $175 million capital raise in May.
The company, spearheaded by CEO Lisa Stinnett, was previously up for sale four years ago under its former guise as Inhabit IQ.
The news is also likely to precipitate further merger and acquisition [M&A] activity and consolidation in the short-term rental space in the year ahead.
