SCOTTSDALE, Arizona – (BUSINESS WIRE) – January 4, 2022–
SmartRent, Inc. (NYSE: SMRT) (the “Company” or “SmartRent”), a leading provider of smart homes and smart building automation to homeowners, managers, developers, home builders and residents, today announced the acquisition of iQuue, LLC, (“iQuue”), an open-architecture smart apartment company with more than 22,000 units installed and contracted across the East Coast. The acquisition gives SmartRent additional exposure to the new multi-family construction market and expands SmartRent’s presence in the South East by adding nineteen new customers who own or control approximately 100,000 units.
“IQuue has built an impressive smart apartment and community WiFi offering for its customers. We share a similar value proposition that allows operators to leverage smart devices to improve the resident experience while managing properties more effectively and efficiently, ”said Lucas Haldeman, CEO of SmartRent. “The iQuue team brings its expertise to the deployment of its platform on the new construction market, which is an important component of our growth plan. Additionally, the team has also been successful in penetrating property owners and managers with less than 20,000 units under management, helping to diversify our client base while expanding SmartRent’s presence in this property rich segment of the multi-family market.
The acquisition is expected to add approximately $ 2.0 million in annual recurring revenue, or “ARR”, to SmartRent’s revenue stream and will immediately diversify and expand SmartRent’s customer base by adding more than 16,600 completed units and an additional 6,300 units. committed to its sales pipeline. IQuue co-founders Jonathan Rivera and Keith Vincent and their team will join SmartRent to ensure a smooth integration and help continue SmartRent’s growth initiatives.
“We are delighted to be part of the SmartRent team. Our customers will benefit from a wide range of smart devices and features available on the SmartRent platform and from the Company’s expertise in developing innovative products and services that will further enrich the customer and resident experience. Our similar operating philosophies and SmartRent’s ability to fund our combined future growth plans were the main factors in our decision to join forces, ”said Jonathan Rivera, co-founder of iQuue.
IQuue customers will be integrated into the SmartRent platform which will provide an expanded set of smart offerings, including access management, self-guided tours and other IoT solutions. As of 2020, iQuue provides a managed WiFi service that will complement and enhance similar SmartRent initiatives.
Parties interested in learning more about SmartRent products and services are encouraged to visit the Company’s website at SmartRent.com
Founded in 2017, SmartRent (NYSE: SMRT) is an enterprise smart home and smart building technology platform for owners, managers and residents. The SmartRent solution is designed to provide property managers with transparent visibility and control over all of their assets while delivering cost savings and additional revenue opportunities through all-in-one home control offerings for residents. For more information, please visit smartrent.com.
iQuue approached the industry knowing that if they built a smart apartment management system that works for owners / operators it would lead to happy customers and residents. Properties where iQuue is deployed increased their NOI through both cost savings and additional revenue opportunities. Supported by Samsung SmartThings, iQuue technology is able to integrate with any smart device. IQuue offerings include access control, door code management, managed Wi-Fi, battery management and professional installation. For more information, you can visit iQuue.com.
SmartRent cautions you that statements in this press release that are not descriptions of historical fact are forward-looking statements. These statements are based on the current beliefs and expectations of the Company. The inclusion of forward-looking statements should not be taken as a representation by SmartRent that any of its plans will be realized. Actual results may differ from those presented in this press release due to the risks and uncertainties inherent in the Company’s business, including, without limitation: the successful integration of iQuue into SmartRent, the closing of the transaction, the suitability of its IoT software and solutions for that particular application or market, expectations of future revenue growth may not be realized, the continued demand for its software products and related services, the impact of global pandemics ( including COVID-19) on demand for its products and services; and other risks described in previous press releases of the Company and in documents filed by the Company with the Securities and Exchange Commission (“SEC”). You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company assumes no obligation to revise or update this press release to reflect events or circumstances subsequent to the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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CONTACT: Investor Relations
Evelyn Infurna – Senior Vice President, Investor Relations
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KEYWORD: UNITED STATES NORTH AMERICA ARIZONA
INDUSTRY KEYWORD: RESIDENTIAL & REAL ESTATE BUILDING TECHNOLOGY COMMERCIAL & REAL ESTATE BUILDING CONSTRUCTION SOFTWARE & REAL ESTATE REIT
Copyright Business Wire 2022.
PUB: 04/01/2022 4:15 PM / DISC: 04/01/2022 4:17 PM
Copyright Business Wire 2022.