Orlando tech company SighPlan announced that it had been acquired for $135 million this week.
The news adds momentum to the city’s emerging tech community, which has had its share of good news in recent weeks.
SightPlan has built a platform that automates real estate company functions like resident engagement, maintenance and inspections.
Scottsdale, Ariz., company SmartRent bought all equity interests of SightPlan in an all-cash transaction.
SightPlan debuted in 2013.
The acquisition allows SmartRent to embed deeper into the real estate industry through its technology.
SightPlan CEO Terry Danner said the two teams had already worked well together for years.
“We have tremendous respect for all they have accomplished as the industry leader in enterprise real estate technology,” he said. “When we looked at the value combining our teams, our innovations, and our strategies would bring to the real estate industry at large, it became a must-do.”
SightPlan will continue to operate out of its Orlando office, the release said.
Orlando tech veteran involved
Serial entrepreneur and Orlando-based SightPlan investor Jonathan Taylor said on LinkedIn that the company has been a product of a collection of successful Orlando-area business owners.
“I’m super proud of this team and all they have accomplished,” he said as he shared the press release.
Being a part of a major transaction in Orlando tech is nothing new to Taylor.
In 2013, he reaped a reward of about $150 million from Voxeo’s sale to Aspect Software. Shortly thereafter, he vowed to take that windfall and invest in local companies, with SightPlan being one of those firms.
SightPlan Founder and President Joseph Westlake said the partnership increases the opportunity to positively impact the real estate tech space.
“Combining solutions further enhances our ability to improve the lives of residents, owners, operators, managers, developers and homebuilders,” he said.
SmartRent provides enterprise smart home and smart building automation for its clients and partners.
The company shares on its website that it enables self-guided tours for prospective residents of client properties.
The move comes as Orlando’s tech community racks up high-profile victories. For example, Fintech company Stax recently achieved unicorn status and defense technology firm SoarTech expanded its presence.