storEDGE, a provider of software and other technology for the self-storage industry, has merged with SpareFoot, an online marketplace for storage consumers. The two companies will operate alongside cloud-based software provider SiteLink, which SpareFoot acquired in March, as a combined platform. The venture is backed by private equity firm Cove Hill Partners, according to a press release.
“storEDGE brings a host of best-in-class products to the existing offerings of SpareFoot and SiteLink, including marketing websites, online rentals and cloud access-control tools, in addition to their property-management software,” the release stated.
Chuck Gordon will serve as CEO over all three organizations. Dan Miller will remain president of storEDGE.
“Our goal is to build an all-inclusive technology solution for storage operators,” Gordon said. “The storEDGE brand has a strong reputation and is an obvious choice to help us further realize that vision. SpareFoot, SiteLink and storEDGE will continue to work closely with our customers to solve their self-storage challenges with technology. This combination will eliminate any existing restrictions between our platforms, to the benefit of operators.”
“We are setting the standard for technology in the self-storage industry,” added Miller. “We’ve always believed that self-storage solutions were disjointed. This combination provides a cohesive suite of world-class products across different categories, giving renters and operators a better and more efficient user experience. At the same time, the combined resources and backing of Cove Hill Partners provides unlimited possibilities.”
Cove Hill has a “long-term commitment to building an enduring technology company” in the self-storage sector, according to co-founder Andrew Balson. “Operator success remains at the core of all three companies, and customers will continue to have a seat at the table as we continue innovating and building great things together,” he said.
Cove Hill 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.
storEDGE products include management software, website-creation services, online rental-center tools, business intelligence and other integrated services. In 2016, the company launched a research and development group to advance its technology to include mobile apps, hardware and telephony solutions.
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.
Source:
SpareFoot Storage Beat, SpareFoot and SiteLink merge with storEDGE
