SOURCE: VTS

VTS

November 29, 2016 10:26 ET

VTS and Hightower Announce Strategic Merger

Leading Commercial Real Estate Technology Companies Join Forces for Faster Industry Innovation with Combined 5 Billion Square Foot Portfolio

NEW YORK, NY--(Marketwired - Nov 29, 2016) - VTS and Hightower today announced the completion of a merger agreement under which the companies will come together to form the commercial real estate industry's leading leasing and asset management platform. Under this agreement, VTS and Hightower will combine under VTS. The strongest features from VTS and Hightower will be integrated into one platform, bringing the best of both products together for customers. With a collective customer base of over 5 billion square feet, the company can make an even greater impact on the $15 trillion commercial real estate industry.

Nick Romito, CEO and Co-founder of VTS, will remain in his role as CEO. Brandon Weber, Co-founder and former CEO of Hightower, will assume the role of Chief Product Officer at VTS, leading the charge for product development. Weber will join the VTS Board of Directors along with former Hightower board member Ethan Kurzweil, Partner at Bessemer Venture Partners.

"We're at a pivotal moment in commercial real estate, with the industry beginning to realize technology's true potential. VTS and Hightower have earned the trust of the top institutional firms, driving significant adoption of both platforms across the industry," said Romito. "With VTS and Hightower's combined expertise, we can elevate our service offering and partner with customers to solve their most complicated problems in real estate. We're broadening our vision to tackle even more ambitious industry challenges around the globe."

"Our companies have a lot in common -- we care deeply about the success of our customers and are committed to solving the industry's most significant pain points," said Weber. "By joining forces, we're combining the technical horsepower and industry expertise of two very strong teams. In the coming months, we'll accelerate our product roadmap and, most importantly, work side-by-side with customers to ensure they have a lasting competitive advantage."

"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."

About VTS
VTS is the world's leading asset management and leasing platform built to provide real-time portfolio analytics to the top landlords and brokerage firms in the world. VTS allows brokers and landlords to manage deal activity, identify trends and quantify portfolio performance from their desktop or mobile device. With 3.3 billion square feet under management, VTS is the driving force behind the industry's shift towards real-time data and is quickly becoming the market standard. For more information, visit vts.com.

About Hightower
Hightower is the leading leasing and asset management platform for the commercial real estate industry. Hightower helps owners and brokers save time, increase returns, and reduce risk in their portfolio. Founded in 2013, Hightower has thousands of customers from around the world using its platform, with enterprise customers including Vornado, CBRE, NGKF, Beacon Capital, Shorenstein and more.