VTS to focus on retail customers in 2020

The company acquired a retail-focused software firm in October

National /
Dec.December 12, 2019 12:45 PM
VTS CEO Nick Romito (Credit: iStock, VTS)

VTS CEO Nick Romito (Credit: iStock, VTS)

VTS is shopping for new retail customers.

The New York City-based prop-tech company is primed to roll out a package of software tailored to retail landlords early next month, according to CEO Nick Romito.

The move signals a renewed effort from VTS to reel in major retail owners, fresh off the company’s $20 million acquisition of PropertyCapsule in October. Romito called it a “significant” investment that qualified as the company’s largest for a single new product.

PropertyCapsule offers retail landlords a marketing and prospecting platform. VTS’s retail offerings were first announced in 2016, but Romito admitted they have yet to proliferate in the sector, especially among major landlords.

“We’re the new kid on the block for retail,” said Romito, during an interview at the annual ICSC New York Deal Making conference. “You want the Simons of the world, the Westfields of the world.”

PropertyCapsule demonstrations were a main draw to the VTS booths at the conference, held at the Javits Center this week.

Earlier this year VTS raised $90 million in a funding round that officially crowned the company a unicorn, that is, a startup valued at $1 billion or more.

Romito said that round was largely driven by the company’s plan to launch a listing marketplace for VTS customers in 2020. Subscriptions cost owners an average of 2 cents to 3 cents per square foot and VTS claims its software manages 11 billion square feet across the U.S.

Write to Erin Hudson at [email protected]


Related Articles

arrow_forward_ios
Simon Property Group CEO David Simon. (Getty, Simon)
Simon says suburbia is hot, raises guidance for 2021
Simon says suburbia is hot, raises guidance for 2021
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
RXR Realty's Scott Rechler with 75 Rockefeller Plaza (Getty, David Shankbone/Wikimedia)
RXR Realty serves American Girl with a lawsuit
RXR Realty serves American Girl with a lawsuit
Manhattan Borough President Gale Brewer and Helen Rosenthal (Getty, iStock)
New bill would mandate retail lease renewals in NYC
New bill would mandate retail lease renewals in NYC
Gov. Andrew Cuomo and Mayor Bill de Blasio (Getty)
De Blasio and Cuomo clash over reopening the city
De Blasio and Cuomo clash over reopening the city
(Getty)
Retail landlords still suing over skipped rent
Retail landlords still suing over skipped rent
Lawsuits, interrupted: Judges nix business pandemic insurance claims
Lawsuits, interrupted: Judges nix business pandemic insurance claims
Lawsuits, interrupted: Judges nix business pandemic insurance claims
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...