JLL Spark has acquired real estate technology platform Stressa for an undisclosed amount.
This deal marks the first strategic acquisition by JLL Spark, which was founded last year by real estate and investment management firm JLL to support innovation in the PropTech space.
San Francisco-based Stressa helps property owners to manage their assets, with an aim of making it simpler for investors. Through the application, users can access tools for valuation, performance benchmarking, real-time analysis, and optimisation.
Stressa also helps to improve transparency and streamline al paperwork and reporting requirements. The management platform has been in its beta for the last year, being tested by a select group of customers which represent almost one billion in income properties, according to the company.
Stessa CEO and co-founder Heath Silverman said, “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. The JLL Spark acquisition will allow us to scale quickly and broaden our reach.”
JLL Spark has been set up as an independent venture arm to support technology-based solutions in the industry. Silicon Valley entrepreneurs Mihir Shah and Yishai Lerner are leading the firm, having had experience building and investing in tech businesses.
Last week, online real estate platform Purplebricks collected $177m in its funding round from Axel Springer SE. The company offers an online platform to support the buying, selling and letting of properties across the UK and Australia.
Over the past four years, North America has dominated the PropTech space; however, their hold on the sector has been declining over the period, according to data by FinTech Global.
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