VTS has become one of the most prolific commercial property technology companies. They have captured much of the market when it comes to lease and transaction management in the U.S. in multiple commercial property types. With such a prominent position in the commercial property industry, the company has expanded into other categories to keep up its breakneck growth. They raised eyebrows (and the bar for valuation) when they acquired the tenant engagement app Lane for $200 million and the property operations tool Rise for $100 million, both in 2021. Now many, myself included, wondered why they decided to branch into building management software and what other categories they have on their roadmap. I recently had a chat with a co-founder of the company, Ryan Masiello, to learn about their product expansion strategy.
The first thing he told me was that he wants VTS to be known for pushing boundaries. “We want to be the company that is always getting into the newest, craziest stuff,” he said. He explained that the company has already shifted a lot since its inception. They started out as a virtual property showing company (VTS stands for View The Space) but shifted into a transaction platform.
Their new product, Activate, is a building management platform that will connect to their other suite of products. The reasoning behind the move is to become the go-to product for managing a building just like they have done for leasing one. “We have become an operating system for brokers,” Masiello said.
Read more at Propmodo.