Yardi Acquires RentGrow Inc. to Offer Resident Screening Services
- Feb 16, 2010
Santa Barbara, Calif.–Yardi has completed its purchase of RentGrow Inc., a provider of online resident screening services for multifamily property management firms. The news comes on the same day that RealPage announced its acquisition of Domin-8.
Yardi acquired the Waltham, Mass.-based company in order to offer resident screening as part of the Yardi Multifamily Suite. In addition to the newly added resident screening offering, the Yardi Multifamily Suite includes portals, payment processing, utility billing, procure to pay, call center and many other products and services. The company developed the Suite in response to increased interest by its clients to consolidate technology vendors by having ancillary business solutions built in as part of the Yardi Voyager software platform.
“Yardi 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,” says Anant Yardi, president of Yardi Systems. “Adding RentGrow’s technology to Yardi’s integrated multifamily products will help our clients operate more efficiently, maximize net operating income, and manage risk.”
RentGrow’s client base represents approximately 700,000 units across the U.S. “We are very excited to become part of the Yardi organization,” says Mike Lapsley, president of RentGrow.