In the dynamic world of proptech, technological advancements often lead to a surge of startups, eventually followed by a phase of consolidation and acquisitions. This trend has been evident for some time, with notable instances such as JLL's acquisition of Hank, an AI-driven virtual engineering platform, in early 2022, and Lennar's purchase of Veev, a tech-focused affordable housing company, after its financial difficulties at the end of last year.
The pattern of mergers and acquisitions is expected to continue as numerous new companies vie for limited investment funds, prompting investors to become more selective. The latest example of this trend is Entrata's acquisition of Colleen AI.
Entrata, known for its multifamily operational software, has announced the acquisition. The company stated, "By integrating Colleen AI into the Entrata OS, operators can advance towards autonomous property management, marking a new era for the industry. This acquisition allows Entrata to launch ELI+, an advanced suite of AI products designed to optimize end-to-end workflows. ELI+ is aimed at operators seeking to leverage AI for enhanced business automation and efficiency. It is modular, facilitating quick upgrades with cutting-edge AI and machine learning technology, ensuring operators have access to the latest features. Initially, operators will benefit from AI-powered collections and renewal modules, with additional modules, including leasing, to be released in the coming months."
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By Proptechbuzz
By Ravi Kumar