Yardi Aims to Expand PropertyShark Nationwide
- Apr 01, 2010
PropertyShark marked the latest company purchase by Yardi Systems Inc., expanding the investment management and property management software provider (and CPE’s parent company) into the real estate data realm.
The acquisition provides benefits to both companies, according to Yardi executive vice president & COO Gordon Morrell, who sees an opportunity to expand a promising company with a regional database, with a view toward national coverage. Yardi’s extensive commercial and residential property client base alone can provide exposure that can benefit the online business, he noted.
Meanwhile, “the benefit in general for Yardi is a company that has a great product, great people, a good corporate culture and we feel can help them grow,” he observed. PropertyShark, founded by Matthew Haines in December 2002, owns PropertyShark.com, which provides New York-area data, tools and educational classes to real estate professionals, investors and home buyers, ranging from maps to listings to comparables and other data.
“We took a look at what they do, liked what we saw and got involved in negotiations, but it was not something that we were out there looking for,” Morrell said.
Known for Yardi Voyager, Yardi offers product areas including Yardi Multifamily Suite, Yardi Commercial Suite and Yardi Investment Suite, serving clients worldwide.