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Alternative Assets  + Real Estate  |  January 13, 2023
Lessen Acquires Real Estate Tech Competitor SMS Assist for $950M
Joe Palmisano
By: Joe Palmisano

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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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