JLL Acquires Cloud-Based Leasing Brokerage As It Accelerates ‘Tech Journey’
JLL has added a new technology to its platform as it seeks to build out its digital leasing capabilities.
The company announced the acquisition of technology-powered brokerage Raise Commercial Real Estate Tuesday. Terms of the transaction weren't disclosed.
Raise's cloud-based application streamlines leasing tasks to assist clients and brokers with items such as lease management and portfolio analytics. California-based Raise will be integrated into JLL’s platform to work with its existing leasing technology.
“Acquiring Raise highlights our continued commitment to our technology strategy of delivering the best proptech innovation for the benefit of our clients,” JLL Technologies CEO Mihir Shah said in a press release. “Raise’s platform, combined with JLL’s technology suite and advanced AI capabilities, will be invaluable in accelerating our leasing tech journey.”
Raise was founded in San Francisco in 2016, becoming the first U.S. brokerage to develop a digital real estate management platform, according to the release. The JLL acquisition will continue Raise’s expansion around the world, co-founder and CEO Justin Bedecarre said.
“We are eager to pair Raise’s industry-leading technology with JLL’s exceptional culture, values and client-centric approach, to create an elevated broker and client relationship,” Bedecarre said in a statement.
The acquisition is the latest in JLL’s push to add data-driven technology to its platform. Earlier this year, the company bought data center service provider Skae Power Solutions.
That deal came as JLL was forming its technical services division to help meet the demand for data centers.
Last year, it acquired technology platform Frame Financial Systems and its “software with a service” debt portfolio reporting and analytics technology.
The Chicago-based brokerage ended the second quarter with revenue up 12% over last year, thanks to strong returns in workplace and project management as well as an increase in deals.
JLL brought in $5.6B across its service lines, highlighted by 19% revenue growth from its workplace management sector and 13% growth from project management. Its revenue also grew in property management and capital markets.
