SmartRent, a smart home automation platform for property managers and renters, is expanding its east coast footprint with the acquisition of iQuue, a smart apartment management system provider for an undisclosed sum.
The acquisition is expected to add approximately $2 million in annual recurring revenue to SmartRent’s revenue stream and will give the company access to iQuue’s nearly 17,000 completed units alongside an additional 6,300 committed units.
Scottsdale, Arizona-based SmartRent offers connected devices to help multifamily property owners, managers and residents utilize more smart home features. The solutions are intended to help landlords lower expenses and provide a new way to monitor and protect their units through sensors that detect water leaks, smoke, fire or carbon monoxide.
Beyond that, landlords can gain greater control over vacant units through remote access control to all doors, fully digitized locks that don’t need to be rekeyed every time someone new moves in and can even reduce utility consumption via remote access.
According to Jonathan Riviera, co-founder of iQuue, SmartRent’s philosophies and their ability to fund iQuue’s combined future growth plans were primary factors in the acquisition.
“The iQuue team brings expertise in deploying their platform in the new construction market which is an important component of our growth plan,” said Lucas Haldeman, CEO of SmartRent.
Both smart home companies have been previously backed by large players banking on the future of home technology. In October of 2019 SmartRent announced it received a strategic investment from the Amazon Alexa Fund, an Amazon venture capital arm that invests in companies that use voice and other technology, as well as new contributions to the science behind those technologies.
That same month Samsung revealed its integration with SmartThings would see the pair working with providers like Entrata, Ruckus, and iQuue, so that new homes are wired from the start with connected home features compatible with SmartThings.
“iQuue has built an impressive smart apartment and community WiFi offering for its clients. We share a similar value proposition that enables operators to leverage smart devices to improve the resident experience while managing properties more efficiently and effectively,” said Haldeman.
“Moreover, the team has also been successful in penetrating property owners and managers with less than 20,000 units under management, helping to diversify our customer base while expanding SmartRent’s presence in this property-rich segment of the multifamily market.”
iQuue clients will be onboarded to the SmartRent platform with an expanded set of smart offerings including access management, self-guided tours, and other IoT solutions. As part of the transition, iQuue’s co-founders, Rivera, Keith Vincent and their team, will join SmartRent to ensure a smooth integration.
Alongside its acquisition news, SmartRent also revealed the hiring of Brian Roberts as Chief Legal Officer.
Roberts served nine years as General Counsel with Grand Canyon University where he led legal initiatives including real estate acquisitions, drafting and closing of agreements and transactions, managing litigation matters, regulatory compliance and intellectual property matters.
Prior to Grand Canyon, Roberts was the General Counsel and Secretary for iGo, a publicly traded developer and distributor of electronic accessories, where he led business development, legal and compliance initiatives.
““Brian is a proven leader with extensive experience advising companies through complex strategic matters, business combinations and legal compliance. His counsel and guidance should serve SmartRent well as we advance our growth plan and establish best-in-class compliance and governance practices,” said Haldeman.