SOURCE: VTS

VTS

November 29, 2016 10:35 ET

VTS and Hightower Announce Strategic Merger

Leading Commercial Property 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 property industry's leading leasing and asset management platform. Under this agreement, VTS and Hightower will combine under the name 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 managing over 5 billion square feet, the company can make an even greater impact on the $15 trillion commercial property 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.

Nick Romito, CEO and Co-founder of VTS, said: "We are at a pivotal moment in the commercial property industry, with the market beginning to realise 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. With VTS and Hightower's combined expertise, we can elevate our service offering and partner with customers to solve their most complicated problems in property. We are broadening our vision to tackle even more ambitious industry challenges around the globe."

Brandon Weber, Co-founder and former CEO of Hightower, said: "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. By joining forces, we are combining the technical horsepower and industry expertise of two very strong teams. In the coming months, we'll accelerate our product roadmap and more rapidly expand into international markets."

Ryan Masiello, Co-founder and Chief Revenue Officer of VTS, said: "In merging with Hightower, we are 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 property; a platform the industry can rely on for real-time intelligence and seamless communication across the globe. Our vision is to create the standard solution that landlords, asset managers and agents 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 agencies in the world. VTS allows agents 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 a leading leasing and asset management platform for the commercial property industry. Hightower helps owners and agents 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.