SmartRent, Inc., a leading provider of smart home and smart building automation for property owners, managers, developers, homebuilders, and residents, announced that it has acquired iQuue, LLC, (“iQuue”) an open-architecture smart apartment company with over 22,000 installed and committed units throughout the east coast. The acquisition provides SmartRent incremental exposure in the new-build multifamily market and expands SmartRent’s presence in the southeast by adding nineteen new customers who own or control approximately 100,000 units.
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iQuue has built an impressive smart apartment and community WiFi offering for its clients. We share a similar value proposition that enables operators to leverage smart devices to improve the resident experience while managing properties more efficiently and effectively,” said Lucas Haldeman, CEO of SmartRent. “The iQuue team brings expertise in deploying their platform in the new construction market which is an important component of our growth plan. Moreover, the team has also been successful in penetrating property owners and managers with less than 20,000 units under management, helping to diversify our customer base while expanding SmartRent’s presence in this property-rich segment of the multifamily 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 over 16,600 completed units and an additional 6,300 Committed Units to its sales pipeline. iQuue’s co-founders, Jonathan Rivera and Keith Vincent and their team, will join SmartRent to ensure a smooth integration and to help further SmartRent’s growth initiatives.
“We are delighted to be a part of the SmartRent team. Our clients will benefit from a wide range of smart devices and functionality available on the SmartRent platform and 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 primary factors in our decision to join forces,” said Jonathan Rivera, co-founder of iQuue.
iQuue clients will be onboarded to the SmartRent platform which will make available an expanded set of smart offerings including access management, self-guided tours, and other IoT solutions. Since 2020, iQuue has provided 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
About SmartRent:
Founded in 2017, SmartRent is an enterprise smart home and smart building technology platform for property owners, managers, and residents. The SmartRent solution is designed to provide property managers with seamless visibility and control over all 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.
About iQuue:
iQuue approached the industry knowing that if they built a smart apartment management system that works for owners/operators, it would lead to happy clients and residents. Properties where iQuue is deployed have increased NOI through both cost savings and additional revenue opportunities. Backed by Samsung SmartThings, the iQuue technology is capable of integrating with any smart device. iQuue offerings include access control, door code management, managed WiFi, battery management, and professional installation