ADT has increased its presence in the multifamily housing market with the acquisition of IOTAS, a provider of technology that allows renters to control lights, thermostats, locks and other wireless features.
The Portland, Ore.-based startup announced the deal this week, stating, “Multifamily customers will soon have access to first-of-its-kind, in-app mobile protection for residents, coupled with more efficient management and more connected living.”
IOTAS’ technology is said to enable smart home automation features that are common in single-family houses but oftentimes not available to renters. The company also works with property management firms to offer the technology to help attract tenants.
An ADT monitored SOS button will be integrated into the IOTAS multifamily app, according to the company. The app will also allow property owners to control security cameras deployed around exterior and common areas, receive notifications and control access to properties. Property owners will also be able to offer prospective clients the ability to perform self-guided tours by providing temporary access codes for empty units.
“As we enter economically uncertain times, the real estate industry is in need of a reliable, adaptable partner,” Sce Pike, CEO and president of IOTAS, states in the announcement. “I am confident we are that partner. Together, we are going to revolutionize what it means to live in a smart property. We firmly believe that your smart home or apartment should do more than just control a thermostat or watch for leaks — it should help protect and connect what matters most.”
Pike told The Oregonian the deal for undisclosed terms provides her company access to ADT’s operational expertise and the investment funds necessary to grow strategically.
IOTAS previously raised $17.5 million in venture capital from Intel, the Oregon Venture Fund, among other investors. However, its most recent round was almost three years ago. The ADT acquisition arrived amid a rapid softening in startup funding, which contributed to Pike’s decision to sell rather than try to raise more money, she told The Oregonian.
Still, joining a larger company with more resources, experience and an expanded product portfolio ultimately swayed her decision. Pike said she’ll remain with the combined business as ADT’s head of multifamily products.
“I still think we have such a huge opportunity that I want to see it through,” Pike said.