Proptech firm VTS has agreed to buy Lane, a workplace experience platform that boasts companies including Brookfield, Oxford Property Group and Hines among its clients.
The deal is valued at around $200m (£145m), according to a person familiar with the matter.
Nick Romito, chief executive of VTS, said the deal highlights the fact that tenant experience has become a “critical solution” for the owners of the 80,000 buildings that use VTS’s other offerings.
“The value our customers already receive from our platform with new capabilities from Lane will be more critical than ever as landlords focus on renewing existing tenants and leasing space in what will be a highly competitive market for tenants over the coming months,” Romito said.
The deal will see Lane chief executive Clint Robinson join VTS as a managing director. VTS expects to integrate Toronto-based Lane into VTS Rise, its own tenant experience platform.
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