Nakisa CEO Babak Varjavandi said IMNAT’s property management technology will be added to Nakisa’s portfolio of lease management solutions.
“By combining our breadth of lease accounting knowledge with their real estate expertise, we are poised to disrupt the commercial real estate market, which currently depends on outdated processes and legacy proptech software,” said he told RENX.
IMNAT is also based in Montreal. The start-up has half a dozen employees and has entered the sales phase of its platform, which it markets specifically to companies that manage their real estate assets.
“Our redesigned corporate real estate solution will provide clients with a complete and modern end-to-end solution that leverages the Nakisa cloud platform and provides full ITGC (IT General Controls), GDPR (General Data Protection Regulation), user management and more. ”Varjavandi mentioned. “We really believe we can disrupt this market because I think we are much further ahead. . . of our competitors with technology.
“At the end of the day, with the technology we have, we believe we can integrate all of these other pillars to provide an end-to-end solution. “
He said that IMNAT Software’s technology will complement and extend Nakisa’s existing rental accounting product line and meet the growing demand for global corporate property management solutions.
The acquisition is expected to be finalized on January 1, 2021.
Nakisa and IMNAT
Nakisa launched the first version of its product in 2000. The company has two lines of business – one dealing with human resources and the other with leasing. It will now expand to provide end-to-end lease management that will include real estate and lease accounting.
The company also has offices in Frankfurt, Singapore, Florida and Pakistan.
Varjavandi said the company name is also his mother’s name.
He said that IMNAT Software, founded in 2011, has a core product, InfoSite, which is cutting-edge corporate property management software designed to centralize and manage corporate real estate accounts.
The platform offers database-based reports and dashboards, streamlines corporate leasing operations, and manages data related to leases, taxation, payments, and rental listings.
“When we spoke to our clients and looked at the market, what we found interesting was that the real estate software industry hasn’t really evolved,” Varjavandi said. “They are still using very old technology and it is very expensive to implement.
“Even though they’re in the cloud, they’re really not what we call a cloud native application.
“We have seen huge opportunities in this area. To enter this market, we had the choice between building all the real estate functions, that is to say the daily maintenance activity of your real estate.
“Or we had to acquire a company that already had a customer base, it already had the expertise and it could use its expertise and that’s what happened. We saw this company made in Montreal.
IMNAT has important clients
Nakisa became familiar with IMNAT because the companies share some of the same clients.
IMNAT’s client base includes large private companies such as Dollarama, Transcontinental and Lowe’s Canada, as well as some of the largest public government institutions in Canada.
Nakisa and IMNAT will combine their technology and their networks. They will also combine their enterprise-level data to generate a more accurate financial planning information repository for trends and projections.
Varjavandi said InfoSite will be integrated into Nakisa’s product line and branded under the umbrella of Nakisa. In January, the IMNAT team, including CEO and co-owner Alexis Dénommée-Godin and co-owner Jean-François Bechard, will join Nakisa.
“I am extremely proud of the quality software our team has built over the years and it is an honor to be recognized and chosen by an established brand of rental accounting that serves Fortune 500 companies across the world,” Dénommée-Godin said in a press release announcing the sale.
“Joining Nakisa allows us to bring our real estate expertise to the global market and respond to a need that has a tangible impact on businesses and people. “
Unify divergent software products
Varjavandi said that Nakisa serves more than 900 corporate clients and more than one million subscribers in 24 industries. Its customer base includes a number of different industries including retail, pharmaceuticals, and airlines. It has users in over 120 countries and supports 18 languages.
He said that the acquisition of IMNAT presents a huge opportunity for Nakisa to better serve existing customers and attract new ones.
“We see companies having multiple software and we think we can actually unify the entire rental, both for accounting and operations, under one roof,” Varjavandi said. “From our perspective, whatever type of asset you have, we can provide an end-to-end solution.
“On the real estate side, we have a few clients who want to extend that to things like facilities management and project management. These are areas that we are also working with. The beauty of the clients that we have, because they’re really big clients, they’re actually willing to engage with us. . .
“From the customer’s point of view, all of the implementation and management is already done for them because it comes under the same platform. “