BRIDGEWATER, N.J.--(BUSINESS WIRE)--Adirondack Solutions, Inc., a leading provider of college student housing software, today announced it will join StarRez with an acquisition by Vista Equity Partners (“Vista”). Adirondack Solutions was created in 1998 as a joint effort between Randi Schweriner, a college housing professional, and David Kritz, a software engineer, with the goal of developing robust, user-friendly software for the college housing market.
“When we founded Adirondack Solutions, we were determined to create a new model for college software providers by hiring seasoned professionals with vast student services expertise. The last 23-plus years have been an incredible journey - we met our goal in providing outstanding products while creating a great work-life balance for our team. We are excited for this growth opportunity, which ensures the long-term success of our staff and our user community,” said David Kritz, CEO of Adirondack Solutions.
StarRez recently announced a large strategic investment from Vista with plans to accelerate growth in the proptech, edtech, student housing, PBSA and adjacent markets. The two companies will now work together to provide a best-in-class line of products.
“StarRez and Adirondack Solutions have long shared similar values and approaches to an outstanding customer experience, and we are excited to work closely with the Adirondack team and community to ensure access to the best products and services. Vista has a lot of experience and resources to support the global growth plans for Adirondack along with StarRez,” said StarRez CEO Travis Knipe.
The transaction was recently closed. The combined customer base now exceeds 1000 customers in more than 20 countries and over 2.5 million beds under management on the platform. This significant and growing scale enables even greater capabilities to expand products, services and resources to manage the resident experience.
Terms of the deal were not disclosed. Nayalle Advisors acted as exclusive financial advisor to Adirondack in connection with the transaction and Norris McLaughlin, PA served as legal counsel. Vinson & Elkins LLP served as legal counsel for StarRez and Vista.
About Adirondack Solutions
Since 1998, Adirondack Solutions has been a national market leader in student housing that has focused on building a trusted team and software solutions for housing, parking and conference services for over 300 Universities and Colleges. Leading customers include the University of Alaska, University of North Dakota, University of Connecticut, Vanderbilt University and Syracuse University.
About StarRez
StarRez is a global market leader in student housing software and residential community management. The platform positively impacts millions of users from around the world providing solutions to manage the resident experience, occupancy, revenue, allocations and more.
About Vista Equity Partners
Vista is a leading global investment firm with more than $86 billion in assets under management as of September 30, 2021. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit, and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.