Philadelphia-based Stratis integrates smart apartment systems and devices for multifamily and student apartment buildings among its services, via one single resident app. It is currently installed in an estimated 380,000 units across the US, Japan, the UK, and elsewhere in Europe and Latin America.
The value of the deal has not been disclosed publicly.
RealPage CEO Steve Winn said in a statement: “Stratis IoT positions RealPage to enter a burgeoning market for smart access control, smart home devices and revolutionary new bulk wifi networks.
“What Stratis IoT does is connect all of these smart systems into a single, seamless resident app with one user credential for each resident, which enables owners to recognise more revenue through monetisation of amenities and enables residents to enjoy easier living and working from the next generation of connected apartment buildings.
He added: “RealPage aims to become a leading provider in the burgeoning rental property automation market, and thereby create significant opportunity for operators to increase rents, improve sustainability, add operational efficiencies, reduce operating costs and enhance the customer experience for the company’s approximately 19 million units throughout the United States. The smart building technology also provides a launching pad for expanded international operations, thanks to Stratis’ existing international presence.”
Founded in 1998 in Dallas, RealPage claims to provide increased transparency in asset performance to its clients, allowing them to better leverage data insights and monetise their space. With offices in North America, Europe and Asia, it serves around 19 million units worldwide, assisting real estate owners and managers through its platform.
The rise of IoT [Internet of Things] can be described most simply as referring to all of the devices and machines around the world that are connected to the Internet, collecting data and providing unique identifiers with the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Now, its potential to offer significant cost savings in real estate is being noticed more and more.
RealPage believes that smart technology can save up to $55 per unit, something which will accelerate the modernisation of legacy B2B platforms. Its acquisition of Stratis is driven by its ability to integrate with a diverse range of third-party solutions.
Stratis IoT CEO Felicite Moorman said: “Holistic building-wide access and utility management and control are integral to building optimisation and the resident experience, which have become increasingly intertwined. RealPage and Stratis IoT combine two industry-leading, best-in-class platforms to create a powerhouse of control and single-app resident experience for multifamily, student housing, and beyond.”
Last year, RealPage announced the acquisition of data services and analytics provider, Hipercept, as well as SaaS property management solution Buildium, to enhance its offerings for the institutional real estate market.
Meanwhile in June of this year, the company was sued by Miami-based real estate developer and founder and CEO of NGD Homesharing, Harvey Hernandez, over allegations it stole trade secrets and took employees from Hernandez’ firm.