SpareFoot is acquiring a fellow maker of software for the physical storage industry and giving up a majority stake in its business to a Boston-based private equity firm.
SpareFoot is acquiring SiteLink, which makes software for self-storage businesses and was founded in 1996 in Raleigh. That makes it complimentary to SpareFoot, which was founded in 2008 and has built a large marketplace where consumers can book self-storage options at 12,000-plus facilities in the U.S.
SpareFoot CEO Chuck Gordon will lead the company as CEO. Ross Lampe will remain president of SiteLink, which will continue to be headquartered in Raleigh. SpareFoot, which recently moved to a new headquarters at University Park north of the University of Texas campus, will remain in Austin.
Financial terms of the deal weren’t provided.
As part of the deal, Boston-based private equity firm Cove Hill Partners will get a majority stake in both businesses. Cove Hill was formed in 2017 by Andrew Balson, who was previously at Bain Capital, along with Justin Roberts, Lara Moskowitz and Keith Power. The firm has a $1 billion fund to deploy on long-term investments.
“We’re excited to combine two of the most respected and successful technology companies in self-storage,” Gordon said in a news release. “This deal and partnership with Cove Hill allows us to increase investment in our products to help self-storage operators run their businesses cost-effectively and help consumers find the perfect storage solution.”