SpareFoot, an online marketplace for self-storage consumers, has acquired SiteLink, a provider of cloud-based software solutions for the self-storage industry. The deal was made possible through a partnership with Cove Hill Partners, a Boston-based private-equity firm that will acquire a majority stake in both businesses, according to a press release.
SpareFoot CEO Chuck Gordon will become CEO of the combined company, and Ross Lampe will remain president of SiteLink. The transactions are expected to close in the next 30 days, subject to customary closing conditions, the release stated.
“We're excited to combine two of the most respected and successful technology companies in self-storage,” Gordon said. “This deal and partnership with Cove Hill allows us to increase investment in our products to help self-storage operators run their businesses cost-effectively and help consumers find the perfect storage solution.”
The partnership will enable SpareFoot to find and deliver more tenants to facilities on its network and accelerate technology investments at SiteLink. This includes the company’s myHub development, SiteLink Merchant Services and SiteLink Web Edition, its flagship product, the release stated.
“We have a unique opportunity to deepen our existing product integration and accelerate innovation,” said Markus Hecker, chief operations officer for SiteLink. “We remain committed to delivering value, and will use our combined resources to help our customers grow their businesses.”
SpareFoot was founded in 2008 by Gordon and Mario Feghali. Headquartered in Austin, Texas, it helps consumers find and reserve self-storage units, with comparison shopping tools that show real-time availability and exclusive deals. With a network of more than 12,000 storage facilities ranging from mom-and-pop operations to real estate investment trusts, the company reaches prospective storage renters though partnerships with brands such as PODS, SelfStorage.com and Penske Truck Rental.
Founded in Raleigh, N.C., in 1996, SiteLink offers cloud- and Windows-based self-storage management software as well as built-in, in-house payment processing. Its software integrates with dozens of technology partners’ services including call centers, insurance, kiosks, mobile devices, websites and other platforms.
Cove Hill Partners was founded in 2017 by a team of private-equity investors focused on partnering with management teams to build consumer and technology companies. It currently manages an inaugural fund of more than $1 billion.
Source:
PR Newswire, SpareFoot Acquires SiteLink to Drive Innovation for the Self-Storage Industry
