New York real estate technology merger could be sign of things to come
Real estate technology mergers could show signs of new growth, especially if recent deals are anything to judge. The Real Deal recently looked at this as a trend rather than a series of recent deals, although there have been some actions to signal change.
The source specifically mentioned a deal between house-sharing business Common and Skylight, two small companies that still possibly represent a trend in their field. This is because the real estate market reportedly contains many different companies that can turn to mergers as a source of sustainability. the case with Common could particularly show the importance of technology mergers and acquisitions, since this was a major part of the decision.
Real estate tech company Metaprop's co-founder Zach Aarons told The Real Deal that this is a reflection of larger economic movements, with these mergers and acquisitions triggering others.
"Look at the M&A space in general – I mean it's exploding right now," Aarons said. "You're reaching the tail end of a bull market and that's what typically happens at the tail end of a bull market. That just trickles down to startups."
A 2014 Alley Watch article described Skylight as "Tinder for apartments," with the company's founders, Michael Lisovetsky, Jason Marmon and Dean Soukeras, saying that their service is primarily based on mobile devices.
They also focused on their specialization in data, noting the way their smart algorithms evolve to improve performance. The company faced competition during funding, but the technology that made it valuable appears to still be a major part of its identity.
Common has also made other advances recently, opening a new community in San Francisco and building a presence on the West Coast, as it announced on its blog.