A division of global real estate firm JLL has acquired a software-as-a-service (SaaS) firm that enables investors to keep track of their property portfolios
A division of global real estate firm JLL has acquired a software-as-a-service (SaaS) firm that enables investors to keep track of their property portfolios.
JLL Spark is the firm’s division focused on transforming the real estate industry through technology innovation, and Stessa is its first strategic acquisition.
"Optimizing a real estate portfolio can involve tedious manual effort, which is why many investors see suboptimal returns," said Mihir Shah, co-CEO at JLL Spark. "We chose Stessa as our first acquisition because its innovative product fills a gap in the market for small-to- medium investors."
Shah and co-CEO Yishai Lerner are Silicon Valley entrepreneurs with successful track records building and investing in tech companies. They have a direct line to JLL’s global CEO.
The SaaS platform gives investors in income properties to track, manage and communicate the performance of their portfolios. It has been in beta for the past year being tested by investors holding almost half a billion dollars of income properties.
"As real estate investors ourselves, we created Stessa to solve the biggest pain points associated with our own investments - ongoing asset management and portfolio optimization," said Heath Silverman, CEO and co-founder of Stessa. "The JLL Spark acquisition will allow us to scale quickly and broaden our reach."
