Two years after top KC startup’s sale, Zego (and its new owner) acquired for nearly $1B
June 18, 2021 | Startland News Staff
The company that acquired Kansas City-based Zego in 2019 — and liked the real estate tech startup’s brand so much it changed its own identity to match — has itself now been purchased by a global “powerhouse” in an all-cash transaction valued at $925 million.
Zego delivers its full value stack through a cloud native SaaS platform to enable seamless property management and best-in-class resident engagement and commerce experiences.
The company has significant scale with over 7,000 property management customers representing more than 11 million residential units in the United States utilizing its comprehensive real estate technology platform.
Through its integrated payments offering, Zego facilitates approximately $30 billion in payments annually in a market with a volume opportunity that exceeds $1 trillion.
Zego — formerly PayLease — announced the acquisition by Global Payments, a leading worldwide provider of payment technology and software solutions, June 10. (The 18-year-old San Diego company had rebranded to “Zego” about nine months after absorbing the exiting Kansas City startup, which was originally built in Kansas City by co-founders Adam Blake and Clay Coffman as a solution in the smart apartment space.)
“Today marks a monumental moment in Zego (Powered by PayLease) history as we embark on our next exciting chapter,” Zego representatives said in a press release after this month’s acquisition. “This transaction extends Global Payments’ leadership in software into the real estate vertical.”
Global Payments is headquartered in Georgia with nearly 24,000 employees worldwide.
The deal is not expected to disrupt services for current customers or residents, the company said, noting it pushes Zego closer to international expansion.
As a co-founder, Blake shifted into an advisor role with PayLease until December 2019 before taking time off to spend with his family and serve a handful of early stage companies in advisory roles.
Coffman served as director of product management for Zego (Powered by PayLease) until July 2020, moving into an advisor position with the company until December 2020.
“I think we did a good job showing outside investors there are venture-backable companies in KC,” Blake told Startland News in 2019. “We had a handful that invested in Kansas City for the first time.”
An inaugural Techstars Kansas City graduate founded as “CasaiQ,” the Kansas City-built Zego’s early investors ran the spectrum of the local and national investment scene: The KCRise Fund, Techstars Ventures, Zoloz CEO Toby Rush, and ShotTracker co-founder Davyeon Ross.
Featured Business
2021 Startups to Watch
stats here
Related Posts on Startland News
Just funded: KCMO unveils $200K in grants for nearly two dozen restaurants, bars, coffee shops
Kansas City has an “enormous appetite” for outdoor dining, said Wes Rogers, highlighting the growing need for city leaders to be responsive to evolving industry and small business trends — and championing KCMO’s new outdoor dining grants program. Officials on Tuesday announced 20 inaugural recipients of the Outdoor Dining Enhancement Grant. It’s an initiative —…
How one hard-wearing menswear brand designed a new KC denim story fit for global appeal
Stepping into Guevel is a little like peeking behind the scenes into Cameron Niederhauser’s own wardrobe, the designer said — at least when it comes to the menswear store’s in-house line. “We make a couple of shirts that are inspired by old, vintage pieces in my own closet,” the Guevel owner explained. “Our denim is…
Startup: Holiday season gift card boom needn’t skip small biz; this discrete digital wallet-ready option keeps giving local
Gift cards are convenient — and the No. 1 most-requested present — Nicole Glass said, but there’s frequently just something impersonal and disconnected about them that makes many people feel bad about slipping one into a card or gift box. “It’s like, ‘I didn’t really know what you wanted. Here’s Starbucks,’” said Glass, president of…
Beadwork maker thankful for Native heritage, crafting pieces that honor her lineage (not just what will sell)
Komina Guevara’s hands are rarely still. Through intricate beadwork and crafting leather, her art tells a story deeply rooted in cultural heritage, family traditions, and personal evolution. As the creative force behind KomGue, Guevara is gaining recognition as a standout Kansas City maker — her work showcased at pop-ups and earning her the $1,500 second-place…