US: New York-based advisory and housing solutions firm, Primestone Partners, has announced the acquisition of corporate rental technology provider Zenya, which serves the short-term rental and hospitality sectors.
Zenya’s technology facilitates many aspects of property management, quoting, booking, fulfilment, finance and guest communications.
Zenya’s management team, including founder Jesal Sangani, will continue to lead the company as a division of Primestone Partners that will operate independently from Primestone’s housing business.
Primestone Partners CEO Bruce Witherell said: “Our plans for Zenya are two-fold. First, Primestone will provide the resources and capital needed to support Zenya’s continued product development and growth in both the hotel and the property management sectors. More importantly, Zenya will partner with Primestone to develop marketplace solutions that more efficiently connect the supply and demand sides of the corporate housing ecosystem, including corporate housing clients, property managers and owners, and the many types of vendors that support the industry.
“The short-term rental industry is highly fragmented, inefficient, and lags other industries in the application of technology to drive productivity and enhance the client experience. Working with Zenya over the past three years to quickly scale our technology-enabled business has provided insights into opportunities for broader market solutions,” he added.
Jesal Sangani, founder and CEO of Zenya, said: “Zenya and Primestone both envision a streamlined approach to the temporary housing industry. With Primestone, we now have a partner who shares our commitment to exceptional customer service and provides access to financial resources, connections, and expertise that are essential for taking our platform to the next level.”
Zenya and Primestone Housing Solutions added that there would be no other interaction or data sharing between the two divisions even after the acquisition has concluded.