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Alternative Assets  + Real Estate  | 
Lessen Acquires Real Estate Tech Competitor SMS Assist for $950M

Lessen Acquires Real Estate Tech Competitor SMS Assist for $950M

Lessen, a company that builds software to support commercial and residential real estate services, will acquire competitor SMS Assist, a facilities maintenance technology company, for $950mn.

Lessen, which is based in Scottsdale, AZ., will fund the acquisition with about $500mn in new debt and equity, in addition to SMS shareholders exchanging part of SMS stock for Lessen stock, bringing SMS’s valuation to over $2bn from $1bn in 2021.

Jay McKee, founder and CEO of Lessen will continue to lead the newly combined company as CEO and serve as Chairman of the Board of Directors.

The transaction was backed by Monroe Capital, Värde Partners and Koch Real Estate Investments. Clients who invested in the deal with Lessen include Invitation Homes and American Homes 4 Rent.

Evercore acted as the exclusive financial advisor, and Fenwick & West LLP acted as legal counsel to Lessen. J.P. Morgan Securities, LLC acted as financial advisor and Katten Muchin Rosenman, LLP as well as Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to SMS Assist.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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