Yardi Systems Acquires RentGrow Inc.

In addition to the newly added resident screening offering, the Yardi Multifamily Suite also includes portals, payment processing, utility billing, procure-to-pay, call center and other products and services. Yardi developed the Multifamily Suite in response to increased interest by its clients to consolidate technology vendors by having ancillary business solutions built in as part of its Yardi Voyager software platform.

Company president Anant Yardi says that the Santa Barbara-based firm, "acquired RentGrow to meet a growing demand among multifamily housing providers to incorporate credit checks, rental payment history searches, background checks, and other applicant screening functions into their core property management system." Adding RentGrow's technology to Yardi's integrated multifamily products "will help our clients operate more efficiently, maximize net operating income, and manage risk," he says.

RentGrow's client base represents approximately 700,000 units across the US. Mike Lapsley, president of RentGrow, notes that both Yardi and RentGrow have been serving the multifamily industry for decades. Their alliance brings benefits to both of the companies and their customers, he says.

Yardi Systems has designed, developed and supported real estate investment management and property management software for more than 28 years. It operates around the world from offices in Asia, Australia, Europe and North America. RentGrow has been a provider of resident screening solutions for two decades.