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SmartRent acquires maintenance service platform SightPlan for $135M

SmartRent, an enterprise smart home automation and internet-of-things (IoT) platform provider, announced today that it is purchasing maintenance and resident service software startup SightPlan for $135 million in an all-cash transaction, according to The Real Deal.

The announcement came just after SmartRent, which went public via SPAC merger last summer, released its earnings Thursday. It states that the acquisition will add an estimated $10 million to its revenue in the remainder of 2022, equating to a tenfold earnings multiple.

“Where their pipeline is today, and where they are in portfolio conversion, we feel very good about it. “We’re already integrated with them, we know this company intimately,” SmartRent founder and CEO Lucas Haldeman told The Real Deal.

Haldeman says that SightPlan, which has approximately 6,000 properties in its portfolio, will continue to operate out of Orlando. He added that the entire team will be joining SmartRent, including CEO Terry Danner and president Joseph Westlake, and that he expects them to play a key role in the organization moving forward.

The acquisition follows SmartRent’s recent acquisition of alternative smart-home firm iQuue for an undisclosed sum in January, and is part of an ongoing trend of proptech consolidation that is expected to continue throughout the year.

“SightPlan was at a crossroads in its evolution, deciding between raising additional equity or joining forces with a complementary provider of real estate enterprise software,” SightPlan president Westlake said in a statement. 

Following SmartRent’s $2.2 billion SPAC merger with a Fifth Wall-sponsored blank-check firm, it seems the company is now set on using its capital market access to assimilate rivals, bolster its technology stack and increase its market size.

The firm reported doubling its revenue from $52 million in 2020 to $110 million in FY 2021, and says that it also doubled the amount of units on its platform to 300,000 from 2020 to 2021.

Despite the public company’s shares dropping from $14 a share in September to just over $6 per share today, Haldeman said that the fall is in line with overall public market trends.

“The market is moving away from growth – you’ve seen it among all our peers and high-growth software companies,” he said. “We think this is an amazing business, and 100 percent growth is nothing to shake a stick at. We think the stock price will take care of itself as we continue to execute,” Haldeman said.

In other recent proptech news, Tishman Speyer locked in $100 million in funding for its debut proptech fund, which will focus on early stage startups. Comunidad Partners also completed fundraising for a $300 million social impact and affordable housing fund.

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