In an effort to lay the foundation for a real estate payments marketplace that centers around the tenants, Priority Technology Holdings, Inc. announced last week the acquisition and capitalization of LandlordStation and RadPad.
Together, LandlordStation and RadPad make up a privately held subsidiary of Priority Technology Holdings (PRTH), called Priority Real Estate Technology (PRET). Currently, PRET operates in two segments—consumer and independent landlords—in the multifamily real estate market.
“We have the goal of being very acquisitive—we want to buy other businesses.”
Copley Broer started LandlordStation in 2010 and now serves as the president of PRET. He says he wanted to partner with a company like PRTH because it already had the infrastructure and capital needed to drastically expand.
“We have the goal of being very acquisitive—we want to buy other businesses,” Broer says. “So, part of this is that RadPad and LandlordStation are really just the first two of what we hope are multiple acquisitions in the real estate technology space.”
PRET is based in Dallas, and Broer says the city will always be the “mothership.” Even as PRET starts to grow its portfolio to other cities, everything will leverage out of the Dallas office.
PRTH has its own proprietary payments platform, so the goal is to more effectively monetize RadPad and LandlordStation, overall creating a more holistic marketplace for the rental real estate industry.
Broer says PRET is unique because its technology puts the tenant first, rather than the landlord. He predicts that the rental real estate market will start to move in this direction, with the tenant being the most important part of the process.
LANDLORDSTATION AND RADPAD MERGED
Dallas startup LandlordStation was founded as a cloud-based property management software company. With tenant screenings, listings and document management, and local vendor searches, LandlordStation uses technology to ease the process for property managers.
Last year, LandlordStation bought LA-based RadPad, a startup founded in 2013 that allows renters and landlords to go through the home rental process electronically. As reported by TechCrunch, RadPad was nearly out of business before LandlordStation stepped in. Post-acquisition, the RadPad site was kept nearly the same, but operations were moved to Dallas.
WHAT YOU NEED TO KNOW ABOUT PRTH
Last month, payment processor provider Priority Holdings, LLC merged with special-purpose acquisition company, MI Acquisitions, Inc. The combination formed Priority Technology Holdings, Inc. (PRTH).
Headquartered in Alpharetta, Georgia, PRTH was the 13th-largest merchant acquirer in the country in 2017, according to the company’s LinkedIn page. PRTH processed over 439 million transactions and upwards of $34 billion in payment volume last year.
The acquisition of RadPad and LandlordStation will position Priority to quickly advance into an industry they’ve had on their “strategic roadmap” for quite some time.
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