Yardi Acquires ista North America's Multifamily Services Group
- May 17, 2012
Santa Barbara, Calif.—Yardi, a Santa Barbara, Calif.-based real estate investment management and property management software company, has acquired ista North America’s (NA’s) Multifamily Services Group (MSG), a supplier of energy and water metering, billing and management services.
With the acquisition of ista MSG, Yardi will become one of the largest providers of energy management services in the United States, serving more than 700,000 apartment units.
“Yardi is excited about adding nearly 200 employees from ista MSG’s three offices. They will work with 170 members of Yardi’s YES Energy Management team in Colorado Springs, Colo., to support the industry’s growing demand for energy management services,” Gordon Morrell, executive vice president and chief operating officer for Yardi, said in a press statement. “With these resources and Yardi’s technology roadmap, we are gearing up for significant growth.”
The new Yardi employees from ista MSG will remain in their existing offices in Alpharetta, Ga., Jacksonville, Fla., and San Diego.
Ruediger Neubauer, CEO of ista NA, said in a press statement, “We remain fully committed to continuing our Business Process Outsourcing (BPO) activities for energy retailers in the U.S. Our BPO division developed with high growth rates in the last years. The agreement with Yardi will offer us new opportunities to focus on the rapid development of the future BPO business.”