Although the presidential election continues to dominate the news cycle these days, exciting tech deals are still getting done. On the heels of major exit announcements from our portfolio companies ServiceMax (pending acquisition by GE Digital) and TubeMogul (pending acquisition by Adobe), we have more big news from Trinity Family member and Real Estate tech company VTS as they announce their merger with former competitor Hightower.
We’ve seen huge disruptions from startups in the Real Estate Tech space in recent years as companies rush to take advantage of the somewhat lagging IT penetration in this sector. VTS has been the leader of this pack on the B2B side, and we have been running alongside them since the beginning.
After spending almost 18 months following the company and developing a deep relationship with founders Nick Romito, Ryan Masiello and Karl Baum, Trinity Ventures was the first institutional investor in the company, leading the Series A funding round in 2013. Throughout the process, we worked very closely with Tom Byrne, former President & COO of portfolio company LoopNet, past Trinity EIR and thought leader in the Real Estate Tech space (who also invested in VTS).
With this merger, these combined companies have the potential to be the CRM platform and system of record for the commercial real estate sector. We saw this potential back in 2013 when we funded VTS, and this merger doubles down on that bet by creating a single online destination for the industry. With faster and more accurate information in one place, owners and brokers will reap the benefits of this merger with the actionable and powerful data they need to stay competitive.