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SmartRent Acquires iQuue, expanding its market presence and enhancing service offerings. This acquisition adds approximately $2.0 million in annual recurring revenue and 16,600 completed units, broadening SmartRent’s customer base with 19 new clients controlling around 100,000 units. iQuue's expertise in new construction complements SmartRent's growth strategy. The integration will enhance smart device capabilities for iQuue clients, providing additional features and services. This move strengthens SmartRent's position in the multifamily market.
Positive
Acquisition expected to add $2.0 million in annual recurring revenue.
Expands customer base with 19 new clients controlling approximately 100,000 units.
Diversifies offerings with integrated smart solutions for iQuue clients.
Negative
None.
iQuue to Contribute Approximately $2.0 Million in Annual Recurring Revenue
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
SmartRent, Inc. (NYSE: SMRT) (the “Company” or “SmartRent”), a leading provider of smart home and smart building automation for property owners, managers, developers, homebuilders, and residents, today 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.
“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 visit the Company’s website at SmartRent.com
About SmartRent:
Founded in 2017, SmartRent (NYSE: SMRT) 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. For more information, you can visit iQuue.com.
Forward-Looking Statements:
SmartRent cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the Company's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by SmartRent that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in the Company’s business, including, without limitation: the successful integration of iQuue into SmartRent, the closing of the transaction, the fitness of its IoT software and solutions for this particular application or market, the expectations of future revenue growth may not be realized, ongoing demand for its software products and related services, the impact of global pandemics (including COVID-19) on the demand for its products and services; and other risks described in the Company's prior press releases and in the Company's filings 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 undertakes no obligation to revise or update this press release to reflect events or circumstances after 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.
What is the significance of SmartRent's acquisition of iQuue?
The acquisition is significant as it adds $2.0 million in annual recurring revenue and expands SmartRent's customer base and service offerings in the multifamily market.
How many new clients did SmartRent acquire through iQuue?
SmartRent acquired 19 new clients through the acquisition of iQuue.
What impact will the iQuue acquisition have on SmartRent's revenue?
The iQuue acquisition is expected to contribute approximately $2.0 million annually to SmartRent's revenue.
What new features will be available to iQuue clients after the acquisition?
iQuue clients will have access to SmartRent's expanded smart offerings, including access management, self-guided tours, and other IoT solutions.
When was the acquisition of iQuue announced?
The acquisition of iQuue was announced on the date of the press release, although the specific date is not mentioned in the text.
