PropTech leader joins ranks of breakout cloud companies
New York, New York, (September 11, 2019) – VTS, the commercial real estate industry's leading leasing and asset management platform, announced today that it has been named to the Forbes 2019 Cloud 100. Cloud 100 is the definitive list of the top 100 private cloud companies in the world, published by Forbes in collaboration with Bessemer Venture Partners and Salesforce Ventures.
“We’re extremely honored to be recognized among the top 100 private cloud companies in the world,” said Nick Romito, CEO and co-founder of VTS. "With the support of an amazing customer base, VTS has reinvented the way that landlords and brokers manage their data and deals. This recognition is incredibly exciting, and I share this achievement with our entire team, customers, and investors.”
Since its founding in 2012, VTS has revolutionized commercial real estate—an industry valued at more than $15 trillion and one of the world’s largest and least tech-enabled asset classes. VTS established the technology category of leasing and asset management and enables landlords and brokers to manage their entire leasing process to maximize revenue and performance. VTS offers solutions for office, industrial, and retail, driving the industry-wide shift toward using real-time data.
Today, more than 10 billion square feet of commercial real estate—an amount equivalent to roughly 20 New York Cities in size—is managed on VTS, including one in every three office buildings in the U.S. More than 35,000 users across more than 35 countries use VTS to convert leads to leases 41% faster and build data-led asset strategies, transforming their leasing and asset management processes. VTS has eight out of 10 of the world’s largest property owners as clients, boasting an impressive roster of global leaders including Blackstone, Brookfield, LaSalle Investment Management, Hines, Boston Properties, Oxford Properties, JLL, and CBRE.
As part of the rigorous selection process for the Forbes 2019 Cloud 100, Bessemer Venture Partners received submissions from hundreds of cloud startups. The Cloud 100 judging panel, made up of public cloud company CEOs, reviewed the data to select, score and rank the top 100 private cloud companies from all over the world. The evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%) and people & culture (15%).
“The private cloud ecosystem has matured, making the competition to land one of the coveted spots on the Cloud 100 list steeper than ever,” said Byron Deeter, a top cloud investor and partner at Bessemer Venture Partners. “In fact, the average valuation of a company on our inaugural list just four years ago was $1 billion, while the average valuation on this year’s list spiked to $1.7 billion. Our 2019 Cloud 100 includes over 60 private cloud unicorns! These founders represent the absolute best in cloud computing today, and they will most certainly follow in the footsteps of our esteemed Cloud 100 alumni. In total, already 25 Cloud 100 alumni have gone public, and dozens have been acquired for over $1 billion each. Congratulations to these cloud leaders!”
VTS’ ranking as #90 on the 2019 Cloud 100 comes on the heels of a number of significant milestones. In January, VTS launched VTS 3–the next generation of the platform with powerful market-leading business intelligence capabilities. In May, the company announced its $90 million Series D funding round–believed to be the largest financing in the history of commercial real estate software. The funding will go partly to its online leasing marketplace Truva, slated to launch in the fall, with New York as the first market. It will function as the Zillow of commercial real estate, enabling tenants, tenant reps, brokers, and landlords to conduct the full deal cycle online.
In August, VTS announced its expansion into Toronto with a new product development center. This will provide VTS access to Toronto’s pool of highly skilled product and engineering talent. VTS’ Toronto office opening follows the appointment of IPO-experienced Bob Bies as its new CFO. Finally, VTS MarketView™, a platform that allows commercial real estate professionals to compare real-time performance versus market benchmarks for critical operational, financial and supply and demand metrics, is currently in beta in Houston and ready for a major launch in late-2019.
“There has been tremendous growth in the cloud market in recent years, as more and more companies are adopting cloud technologies to enable their digital transformation and change how they do business. The opportunity is massive in the cloud sector, which is evident in both the public and private sectors. There are now more than 15 public SaaS companies valued at over $10 billion whereas even five years ago there were only two,” said Matt Garratt, managing partner at Salesforce Ventures. “The growth we are seeing is not limited to the Bay Area and San Francisco, as we are seeing more $1B-plus cloud companies spring up throughout the U.S. and globally. Salesforce Ventures is excited to be partnering with Bessemer Venture Partners and Forbes for the fourth year in a row to recognize the next generation companies who will land on the Cloud 100 list—those who are not just predicting what’s coming but working to create the future.”
“For four years now, we have ranked the best and brightest emerging companies in the cloud sector,” said Alex Konrad, Forbes editor of The Cloud 100. “With so many businesses growing fast in the cloud, from cybersecurity and marketing to data analytics and storage, it’s harder than ever to make the Cloud 100 list, but with more elite company if you do. Congratulations to each of the 2019 Cloud 100 honorees and the 20 Rising Stars honorees poised to join their ranks!”
Each year the CEOs of The Cloud 100 companies are honored at the exclusive Cloud 100 Celebration hosted by Bessemer Venture Partners and Salesforce Ventures and Forbes. A special thank you to its sponsors Amazon Web Services (AWS), Bank of America Merrill Lynch, Cooley, FuelxMcKinsey, Goldman Sachs, J.P. Morgan, Nasdaq, Qatalyst Partners, and Silicon Valley Bank who make this event possible. The Forbes 2019 Cloud 100 is published online at www.forbes.com/cloud100 and will appear in the September 2019 issue of Forbes magazine.
VTS is the commercial real estate industry’s leading leasing and asset management platform. Landlords use VTS to maximize portfolio performance by transforming their leasing and asset management process and unlocking real-time insights – enabling them to convert leads to leases 41% faster and build data-led strategies. Brokers can manage their deal pipeline and get tenants into empty spaces faster, collaborate across teams and work easily with their landlord clients using VTS for Brokers.
The VTS platform manages more than 10 billion square feet of commercial real estate, has a user base exceeding 35,000 and boasts an impressive client roster including global leaders such as Blackstone, Brookfield, GLP, LaSalle Investment Management, Hines, Boston Properties, Oxford Properties, JLL and CBRE.
To learn more about VTS, and to see our open roles, visit www.vts.com.
Bessemer Venture Partners
Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Pinterest, Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, PagerDuty, DocuSign, Wix, and MindBody. Bessemer's 15 partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India.
For more information, please visit www.bvp.com.
The defining voice of entrepreneurial capitalism, Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most-influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 120 million people worldwide through its trusted journalism, signature LIVE events, custom marketing programs and 40 licensed local editions in 70 countries. Forbes Media’s brand extensions include real estate, education and financial services license agreements.
For more information, visit: https://www.forbes.com/forbes-media/.
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 300 enterprise cloud startups in 20 different countries since 2009.
For more information, please visit www.salesforce.com/ventures.