The Brazilian real estate marketplace operator QuintoAndar has announced its acquisition of condominium management specialist NokNox for an undisclosed sum.
Noknox provides a mobile platform that connects residents to landlords, doormen and service providers, facilitating communication and everyday life in a condominium through the digitization of tasks and interactions such as package registration and visitor management.
“We understand that the people who interact in a condominium – residents, employees and the landlord – would benefit from a modern and simple technological support. Noknox was an easy choice because it is a company that, like QuintoAndar, also has technology in its DNA and offers the best experience and product on the market”, says André Penha, CTO and co-founder of QuintoAndar. “Our intention is to take the application to condominiums throughout Brazil and accelerate digitalization, making life easier for people in the routine of their homes”, completes the executive."
The company will continue to be run by its 8 person team based in Sao Paulo and, like other QuintoAndar acquisitions, will not undergo any rebrand or be subsumed into QuintoAndar's operations.
The acquisition allows the rapidly expanding company to expand its reach and revenue stream into an adjacent area and is expected to provide good synergies with Síndico.Net, a platform hosting content, training and services related to condominium living which was acquired by Quinto Andar in 2020.
Quinto Andar has been busy over the last few months having bought out all of Navent's real estate portal sites just before the new year and undergoing a rebrand in January as it looks to dominate the Latin American real estate market.
Other real estate marketplace companies that have shown an interest in residential community management apps include REA India's Housing.com which tied up a deal with MyGate Homes in October.