SmartRent, Inc. (NYSE:SMRT) acquired iQuue, LLC on December 30, 2021. iQuue's co-founders, Jonathan Rivera and Keith Vincent and their team, will join SmartRent to ensure a smooth integration and to help further SmartRent's growth initiatives. The acquisition is expected to add approximately $2.0 million in annual recurring revenue to SmartRent's revenue stream and will immediately diversify and expand SmartRent's customer base by adding over 16,600 completed units and an additional 6,300 committed units to its sales pipeline.
David Lewis of DLA Piper LLP acted as legal advisor to SmartRent, Inc. (NYSE:SMRT).
SmartRent, Inc. (NYSE:SMRT) completed the acquisition of iQuue, LLC for $12.4 million on December 30, 2021. The purchase price consisted of $7.213 million of cash and restricted cash and maximum value of the earnout payments of $5.23 million.
SmartRent, Inc. is a provider of smart home and smart property solutions for the multifamily industry. The Company's platform, comprised of smart hardware and cloud-based software-as-a-service solutions, gives operators visibility and control over real estate assets empowering them to simplify operations, automate workflows and deliver site team and resident experiences. Through a Hub Device, the Company enables the integration of its platform with third-party smart devices, its own hardware devices and other technology interfaces. It uses an open-architecture, brand-agnostic approach that allows owners, operators, and residents to manage their smart home systems through a single connected interface. Its solutions include smart apartments and homes, access control for buildings, common areas, and rental units, asset protection and monitoring, parking management, self-guided tours, and community and resident WiFi. It provides customers with training, installation and support services.
SMARTRENT, INC. 
