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
Innovation Festival returns Aug. 16 with focus on human connections in a surging biotech hub
While the third iteration of BioKansas’ Innovation Festival might initially seem scaled back, said Dr. Kevin Mills, the summer biosciences conference is amping up its emphasis on what makes Kansas City a great biotech hub. “The idea is really to get people with really diverse viewpoints and diverse jobs and careers together to hear from…
I’m with Hank: Meet the tribute-turned-brew child of these beer-drinking serial entrepreneurs
A limited-release craft lager at Jim’s Alley Bar and Alma Mader Brewing pays homage to classic American brewing traditions and a shared family name, said Nick Mader and Eric Flanagan. The duo joined forces this summer to release “Hank” — in honor of several family relatives with the middle name “Henry,” as well as Flanagan’s…
CPKC Stadium, Rabbit hOle named to TIME magazine’s list of ‘World’s Greatest Places’
Two recently opened Kansas City attractions were announced today among 100 extraordinary destinations to visit; named to TIME’s list of the World’s Greatest Places. TIME’s annual feature includes CPKC Stadium, home to the KC Current and the first stadium in the world purpose-built for a women’s professional team, and The Rabbit hOle, a North Kansas…
Kansas artist carves Kamala Harris’ portrait into a field — and left room for her VP pick
Editor’s note: The following story was published by KCUR, Kansas City’s NPR member station, and a fellow member of the KC Media Collective. Click here to read the original story or here to sign up for KCUR’s email newsletter. World-renowned crop artist Stan Herd is almost finished with the portrait of the presumptive Democratic presidential nominee outside Lawrence, Kansas, near…