JLL Spark Aquires Stessa
In its first acquisition, JLL Spark has purchased a real estate technology platform to improve the tracking and management of income properties.
The software-as-a-service platform, called Stessa (assets backward), allows investors to easily track the success of their income properties. The platform also facilitates simplified management and communication about the portfolios, offers valuation, performance benchmarking, real-time analysis and optimization for investors as these services have been few and far between in the real estate industry to date.
"We chose Stessa as our first acquisition because its innovative product fills a gap in the market for small to medium investors," JLL Spark co-CEO Mihir Shah said in a statement.
JLL launched JLL Spark last July. The new business arm works to identify PropTech solutions and deliver them to clients across the globe. Headed by co-CEOs Shah and Yishai Lerner, the goal of the initiative is to create new products and invest in CRE tech startups that will transform clients' businesses.
“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,” CEO and co-founder of Stessa Heath Silverman said.
To date, Stessa has only been tested in beta form, though it is expected to become available to the broader market in the near future.
The cost of the acquisition has not yet been disclosed.