View The Space, a cloud-based leasing and portfolio management company, is spending $200M to acquire Toronto-based Lane Technologies, an app company that specializes in workplace experience. At that price, it is one of the largest proptech deals ever, The Wall Street Journal reports.
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Office workers use Lane apps for various purposes, such as getting through building security, booking conference rooms, and ordering food and other services from nearby restaurants, entertainment venues and other businesses.
The acquisition will strengthen VTS’ existing tenant experience platform, VTS Rise, enabling both Rise and Lane customers to use the combined technology, according to VTS.
The deal anticipates a stronger return to the office than U.S. businesses have so far seen. Though the number of people returning to offices on a regular basis has been rising, the current total is still well below pre-pandemic levels.
VTS' reach in the commercial real estate industry is already wide. Its user base includes over 45,000 CRE professionals and includes such companies as Blackstone, Brookfield Properties, LaSalle Investment Management, Hines and Oxford Properties. VTS has also been on a growth trajectory, acquiring Rise Buildings, a Chicago-based startup offering a mobile app used in about 350 buildings, for around $100M earlier this year.
Lane, whose apps are used in more than 300 buildings in eight countries, acquired another app company, eServus, about a year ago. In June 2020, Lane raised about $10M in Series A funding, led by Round 13 Capital, with participation from previous investors Alate Partners and Panache Ventures.
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