Acquisition Extends Buildium’s Offerings for Real Estate Industry
Landlords, supers, and property managers might not seem like the most technologically savvy bunch, but Boston software company Buildium has carved out a niche catering to their needs. This week the company announced it acquired All Property Management, a Seattle-based tech company that also specializes in real estate. Terms of the deal were not disclosed.
Both companies focus on vital tasks that tenants don’t see in their interactions with their landlords or their property managers, who are the middlemen between tenants and owners.
Buildium was founded in 2004 and makes cloud-based software for companies that manage rental properties such as apartment buildings or community associations. Customers use the software to track and market vacancies, keep tabs on income and expenses, coordinate maintenance, and pay repairmen and property owners. More than 10,000 property management companies use the software, according to Buildium.
While property managers are responsible for finding tenants, they also have to find landlords to represent, and All Property Management, also formed in 2004, helps with that. It’s an online marketing service property owners and managers can use to find each other, and last year was responsible for more than $50 million worth of new contracts, according to the company.
The acquisition gives Buildium greater reach and a complementary product that helps its clients grow and run their businesses, Buildium CEO Michael Monteiro said in a release.
Buildium has about 100 employees, with about 50 in Boston and 10 in Providence, RI. All Property Management employs 12, and they will remain in Seattle, according to a Buildium spokesperson.
Buildium declined to discuss its revenues or profitability, but did say its had 50 percent revenue growth over the past few years. The company also doubled its headcount in 2014. The growth has been fueled by a round last year from K1 Ventures.