Compliance monitoring service SiteCompli has inked an investment deal with dmgi, a company whose holdings include Trepp, Real Capital Analytics, EDR and Sanborn Maps.
Although details of the investment were not disclosed, SiteCompli said the money will be used to fund the company’s rapid growth.
“We are excited to partner with dmgi and its portfolio companies for this next chapter in SiteCompli’s growth,” said Jason Griffith, SiteCompli co-founder.
“In just a few short years we’ve fundamentally changed the way commercial and multi-family buildings are managed and operated in one of the toughest markets on earth, yet we view our work as having only just begun.”
Co-founder Ross Goldenberg added, “Through the synergy created by this partnership, we look forward to bringing new insights and information to our clients and the real estate industry as a whole, ushering in an unprecedented era of transparency and risk mitigation into the sector.”
Founded in 2008, SiteCompli has quickly become the industry standard technology solution used by New York City property owners and managers to stay on top of compliance issues including violations, fines, permits, equipment inspections, hearings and more.
dmg, the business to business information division of the Daily Mail and General Trust, invests in and develops a group of high-growth, innovative companies that provide high value B2B information and software services, including US-based companies Xceligent, EDR, Trepp, BuildFax, Real Capital Analytics (minority investment), Hobsons and Genscape.
“SiteCompli is an exceptional business led by a terrific team. It really delivers value to its customers on the operational side of the commercial real estate sector, cracking the code on marrying technology to big data and delivering impactful and critical insights that save its customers significant costs and provide them with decreased risk, efficiency gains and, ultimately, safer and better buildings” said Suresh Kavan, dmgi’s CEO.
SiteCompli’s growth has been driven by increasing demand from leading real estate organizations looking to maintain compliance with local laws.
With regulations becoming more complex and a growing government focus on enforcement, SiteCompli enables its users to stay one step ahead of compliance challenges
The company monitors over one billion square feet of real estate in New York City, including over 60 percent of large office buildings.