Drooms, Europe’s leading provider of secure cloud solutions, and Coyote Software, the acquisition and asset management platform, have reached a referral partnership agreement with a view to developing a joint-proposition for the commercial real estate (CRE) industry.
Both Drooms and Coyote have substantial client bases across Europe to which their complementary products have wide appeal.
Coyote enables real estate investment managers to track details of assets available for purchase and filter them using bespoke criteria, providing the ability to review more deals and facilitate more informed bids. Coyote is also used by asset managers and property managers to manage portfolios more effectively, providing instant summaries of assets. Drooms’ virtual data room (VDR) products can be used alongside Coyote to manage the documentation involved in acquisitions, sales and managing assets throughout their lifecycles.
While both companies’ products can already be used in conjunction, they will look to offer an integrated proposition in the next few months.
Rosanna Woods, Managing Director UK for Drooms, commented: “There is a powerful synergy between our products and Coyote’s. We also share a vision of where the real estate industry is heading and the innovations that will be required to provide the necessary technological solutions over the next few years.”
Oli Farago, Chief Executive Officer at Coyote, commented: “Working with best-in-class providers has helped to make Coyote the product it is today. There is also a great cultural fit between us – Drooms has the same commitment to delivering client-led solutions and we are both interested in integrations that can add value to our respective products.
“The need for cutting-edge technology is set to increase sharply in Europe’s commercial real estate industry as competition for assets hots up among institutional investors who can no longer generate the returns they need from their bond portfolios. CRE investment managers will have to operate more efficiently to compete in a market that has traditionally been behind the technology curve and they will increasingly need propositions such as those offered by Coyote and Drooms.”
Drooms and Coyote will co-host a series of client events throughout this year in the UK, Germany and the United States.
Drooms’ real estate clients include JLL, CBRE and UBS while Coyote’s include Landsec, Benson Elliot and Kames Capital, to name a few.