(Bloomberg) -- VTS Inc., a closely held provider of online real estate services, acquired another web-based platform, PropertyCapsule, in a bid to jump-start growth.
The deal was valued at $20 million, said a person familiar with the terms who asked not to be identified because the price wasn't announced. PropertyCapsule helps market commercial real estate.
“This effectively doubles VTS's retail footprint,” VTS Chief Executive Officer Nick Romito said last week in an interview. VTS and PropertyCapsule each manage about 2 billion square feet of retail properties, he said. PropertyCapsule CEO Thomas Byrne is set to join VTS as general manager of retail products and data.
VTS plans to make more acquisitions after hiring M&A veteran Bob Bies as chief financial officer earlier this year, Romito said. It is “a muscle you will see flexed in the future,” he said.
New York-based VTS, founded in 2012, runs a platform that covers about 11 billion square feet of commercial real estate including offices, retail properties and industrial buildings.
Read more: Prop-tech company VTS expands into Toronto with engineering hub
--With assistance from Gillian Tan.
To contact the reporter on this story: Gwen Everett in New York at geverett10@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Peter Eichenbaum
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