VTS to focus on retail customers in 2020

The company acquired a retail-focused software firm in October

Dec.December 12, 2019 01:00 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]

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