HappyCo confirmed plans to acquire Toronto-based rental lifecycle management platform Yuhu, according to a press release.
The financial terms of the transaction were not disclosed.
"We are thrilled to join forces with Jindou and the HappyCo team to achieve our shared vision to enhance the quality of life for multifamily residents and operators," CEO of Yuhu, Hugh Kolias, said. "By bringing our teams and products together, we're able to provide our mutual client-partners with an even better all-around experience."
Under the terms of the deal, Yuhu’s existing employees, led by Kolias who will now serve as EVP, will now form part of the HappyCo team.
“Existing Yuhu customers will benefit from an expanded solutions platform, accelerated product investment and broader support while enjoying continuity of service,” a recent press release explains.
Yuhu serves popular owners and operators such as Boardwalk, Capreit, BentallGreenOak and more than 500,000 other clients across Canada and Europe. The Canadian cloud-based software will now be integrated with HappyCo's "Happy Property Suites" and "Happy Force" products to leverage solutions for customers.
HappyCo’s platform has stored in-unit data on more than 3.5 million multifamily and single-family rental homes since its establishment in 2011. In 2021, its data services helped approximately 26% of all U.S. sales transactions of multifamily units.
The acquisition is expected to grant HappyCo a resident-facing solution to strengthen its existing products.
"We've known the Yuhu team for quite some time and both companies share a similar culture and common vision to improve the multifamily industry," HappyCo CEO, Jindou Lee, said. "The merger of our firms broadens our collective impact on the overall resident lifecycle, and will allow us to capture more actionable data, create opportunities to enhance resident experiences and streamline property operations to ease the daily workload of onsite teams."