RISMEDIA, July 11, 2007—Yardi Systems, an asset and property management software company, announces the recent acquisition of SiteStuff, Inc. Headquartered in Austin, Texas, SiteStuff is a provider of procurement and supply chain management services to the commercial real estate market.
“We are very excited to announce this acquisition,” says Gordon Morrell, executive vice president and chief operating officer of Yardi Systems. “We see enormous opportunities between SiteStuff and our rCash and Portal products. It creates a very compelling value statement for our commercial clients as well as for those on other property management platforms.”
The SiteStuff online procurement platform is used by property management companies and corporate owners to process, manage, and track the procurement of maintenance, repair, and operations (“MRO”) products and services. SiteStuff also offers a Contract Management module that allows managers greater control of the RFP process, while the Spend Management module helps track and monitor “spend” at the property level and across an entire portfolio.
Yardi Systems was looking to add a procurement solution to complement their current offering of Asset and Property Management software solutions.
“SiteStuff fills that need,” says Anant Yardi, CEO and founder of Yardi Systems, Inc. “We have a common vision of where the industry is headed,” he continues, “and with the Sitestuff service-oriented approach and our technology expertise, the key components are in place to provide a more comprehensive operating platform for the commercial real estate market.”
“Earlier this year SiteStuff began evaluating future growth opportunities. The success and profitability that we experienced created a lot of interest from potential investors,” says Charlie Pace, CEO of SiteStuff, Inc. “We couldn’t be more pleased with the outcome”, he continues. “Yardi is a well respected leader in the commercial real estate market and their resources will accelerate plans to enhance our service offering and expand our presence in the market.”
SiteStuff will operate as a stand alone company headquartered in Austin and will continue to bring innovative solutions to the commercial real estate market. The management team will remain intact and SiteStuff will maintain its focus on assisting their clients with their procurement goals.