US: VTS and Hightower announce strategic merger

Two technology startups that help commercial-real-estate owners and brokers manage their businesses are merging in a $300 million deal that will create one of the largest technology firms in the industry.

VTS and Hightower, both based in New York, are merging in an all-stock transaction, executives at both firms said. The deal was expected to be announced to employees Tuesday.

The merged firm, which will keep the name VTS and be led by VTS Chief Executive Nick Romito, will provide customer-management tools for owners of more than 5.5 billion square feet of commercial space in the US and UK.

Investors in VTS include Blackstone Group LP and Boston-based venture-capital firm OpenView. Among Hightower’s major backers are Bessemer Venture Partners, Menlo Park, Calif., and Thrive Capital, a venture firm led by Joshua Kushner, whose brother, Jared Kushner, is married to Ivanka Trump, the president-elect’s daughter.

Full Content: The Wall Street Journal

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