By Jessica Fiur, News Editor
Walnut Creek, Calif.—YapStone Inc., a provider of electronic payments-as-a-service (“EPAAS”) for property management, announced it is acquiring the assets of its competitor PropertyBridge Inc., a subsidiary of MoneyGram International.
The deal combines two of the largest companies in the EPAAS sector for property management, and will help serve the needs of almost 50 percent of the National Multi Housing Council Top 50 U.S. Apartment Managers, and it will supply more than $5 billion in e-payments.
“We’re really excited,” Matt Golis, CEO of YapStone, tells MHN.
According to Golis, one beneficial feature that PropertyBridge will bring that YapStone previously did not offer includes cash payment at any MoneyGram.
As far as the PropertyBridge name, Golis says “there’s certainly going to be a transition,” but eventually the property management EPAAS product will be rebranded under YapStone.
“Selling PropertyBridge allows MoneyGram to focus on its core business, while at the same time provides PropertyBridge’s customers with the benefit of enhanced and uninterrupted services,” Greg Waltz, vice president and general manager of bill payment at MoneyGram, says in a statement. “We appreciate the focus and dedication of our employees in building the business and now their support during this period of transition.”
Golis is confident their customers will receive the biggest advantage from this acquisition. “We’re leveraging out platform to their [PropertyBridge’s] customers,” Golis says. “They’re going to get a lot of benefit.”