PayLease Acquires Zego to Innovate the Resident Living Experience
New offerings will accelerate PayLease’s mission of powering better engagement and efficiency for communities
PayLease, a leading PropTech provider for the property management and Homeowner Association (HOA) industry, today announced it has acquired Zego, the hub for smarter apartment living.
Backed by Vista Equity Partners (“Vista”), a leading technology investment firm focused on enterprise software, data, and technology-enabled businesses, PayLease was recently named to Deloitte’s 2018 Technology Fast 500™ list. The company offers online payments, resident billing, and utility expense management tools to property management companies and serves more than 4,500 property management companies and 12.5 million units nationwide.
Through this acquisition, Zego’s technology will be integrated into PayLease’s best-in-breed Payments, Resident Billing, and Utility Management platform to enable residents to pay rent & utilities, submit work orders, communicate with staff, receive package notifications, access third-party tenant services, and more via one consolidated mobile app.
“We recognize that our clients are in need of platform-agnostic, resident-centric technologies that drive increased resident satisfaction and improve operational efficiency,” said Dirk Wakeham, CEO of PayLease. “We look forward to providing additional value to management companies by offering a fully-featured, best-in-class engagement platform that will allow them to increase resident satisfaction and retention, improve resident communications, automate inefficient processes, and reduce vacant unit costs.”
The Zego platform also integrates smart home devices into the mobile app. Residents who utilize this functionality receive unparalleled convenience and ease-of-use, as they can easily control their apartment’s smart devices. Whether locking or unlocking doors, controlling lights, adjusting their thermostat, or getting advice from “Millie”, an artificial intelligence powered personal assistant, residents can perform all these functions through a branded app.
“This news validates the importance of smart home technology for the multifamily space, as well as Zego’s technology, and we’re thrilled to be part of PayLease,” said Adam Blake, co-founder and CEO of Zego. “PayLease shares our entrepreneurial spirit and desire to be at the forefront of innovation in our industry. The partnership confirms the market leadership Zego has built and will allow us to continue to innovate the multifamily industry together.”
“PayLease is the most well-known payments company in the property management industry, and this news speaks to the company’s focus on enhancing their offerings with new capabilities and innovative technologies,” said Marc Teillon, Principal at Vista Equity Partners and Co-Head of the Vista Foundation Fund.
PayLease provides online payments, billing, and utility expense management tools to HOAs and property management companies. Property managers use PayLease to improve their business’ operational efficiencies and boost net operating income. Our solutions are easy to use and are bolstered by the highest levels of security and customer support. Since our inception in 2003, PayLease has grown to serve thousands of property management companies nationwide and is now among the fastest growing technology companies in the United States. For more information, please visit www.PayLease.com.
Zego is the hub for smarter apartment living. Built by real estate experts and backed by artificial intelligence, Zego enhances multifamily communities by integrating smart home devices with a single app that connects residents with management, maintenance and a marketplace for local services. Zego improves operational efficiencies and generates additional revenue for owners and managers, while improving apartment living for residents. Visit our website to learn more about Zego.
About Vista Equity Partners
Vista Equity Partners is a U.S.-based investment firm with offices in Austin, Chicago, New York City, Oakland, and San Francisco with more than $46 billion in cumulative capital commitments. Vista exclusively invests in enterprise software, data, and technology-enabled organizations led by world-class management teams. As a value-added investor with a long-term perspective, Vista contributes professional expertise and multi-level support towards companies to realize their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity. For more information, please visit www.vistaequitypartners.com.
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