Toronto’s Evercondo has been acquired by Denver, Colorado-based FRONTSTEPS. Terms of the acquisition were not disclosed, but all four members of the Evercondo team will be joining FRONTSTEPS.
Evercondo has grown 300% since 2016, now supporting 600 condo associations in the US and Canada.
Evercondo provides a software platform for condominium communities, allowing property managers and condo boards to centralize management tasks, or connect with tenants via its mobile app. BetaKit spoke to the company in March of last year about its mission to provide the intelligence layer to condos filled with ‘smart’ technology but no connecting infrastructure.
“Without a central nervous system, there is no communication and collaboration between all stakeholders,” co-founder and CEO Grant Yim said at the time. “Without it, residents are not informed of what is happening in the community. It takes days for an invoice to get approved by the condo board, work order requests by residents doesn’t get tracked, and response time to resolve an issue skyrockets because nothing is in place to measure that.”
Since then, Evercondo has grown 300%, now supporting 600 condo associations in the US and Canada, making it a compelling acquisition target for FRONTSTEPS. The Denver company offers a suite of services for organizations and individuals in the real estate space, from Home Owners Associations (HOAs) and security companies to realtors and homeowners. FRONTSTEPS CEO Jamie Clymer said that snapping up Evercondo will allow the company to provide a value-add to the 4 million homes it already services, as well as a delivery method to bring the company’s security products to Evercondo’s existing customer base.
“Our vision has always been about helping property management companies, condos, and HOAs build happy communities,” said Evercondo co-founder and CTO Adrian Teh. “Joining FRONTSTEPS will not only give us the necessary resources to further realize our vision but also give us the opportunity to expand ourselves further into other areas of the community living and management space.”
“We are very excited about the acquisition of Evercondo as it speeds up the delivery of our overall FRONTSTEPS platform and adds additional features that our existing customer base can immediately utilize,” said Jamie Clymer, FRONTSTEPS CEO. “The purchase moves us into the lucrative condo and high-rise space with one of the best products in the market today.”
Evercondo had previously received undisclosed funding from BDC and HIGHLINE.vc.