Real Estate Tech Firms Lessen, SMS Combine in $950 Million Deal

Lessen, a technology provider that helps US landlords hire building contractors, is buying competitor SMS Assist for $950 million in a deal aimed at expanding the company’s reach into new corners of real estate.

Lessen raised $500 million in equity and debt to help finance the deal, valuing the firm at more than $2 billion. Monroe Capital and Invitation Homes Inc. were among investors participating in the funding, Lessen Chief Executive Officer Jay McKee said in an interview. Lessen was valued at more than $1 billion when it raised money in 2021.

Read more: Startup Tops $1 Billion Valuation Finding Labor for ...