OpenTech Alliance Inc., a tech provider for storage companies and purchased a majority share within Storage Treasures LLC an auction website for self-storage.
In connection with the acquisition, OpenTech signed a long-term management agreement to run the associated websites, recruit employees, and expand the company’s reach to new markets. The financial terms of the deal weren’t disclosed.
Storage Treasures is a Storage Treasures website that is currently serving more than 900,000 registered bidders as well as services that span more than 6,000 self-storage units managed by top operators in the industry like Extra Space Storage (NYSE: EXR), A- 1 Self Storage, Central Self Storage, Great Value Storage, Compass Self Storage, and US Storage Centers. Storage Treasures also owns several associated websites including; StorageBattles.com, StorageTreasures.com, LegalNoticeLocator.com, SpacePicker.com, and is a founding technology partner of Charity Storage, Inc., the Official Charity of the Self Storage Association (SSA). Storage Treasures LLC was formed as created as a result of a merger between Storage Battles LLC, and Storage Treasures, Inc. in the latter half of 2013.
“We have witnessed the rapid rise of auctions on the internet in our industry and thought we could benefit from our technological experience, expertise in customer service as well as IT-related infrastructures to expand this Storage Treasures auction platform,”” stated Robert A. Chiti the president of OpenTech and CEO.
“Our goal is to build on the ideas of the founders of each site Jim Grant (Storage Battles) and Lance Watkins (Storage Treasures) So we are satisfied Jim is deciding to remain with OpenTech and carry on what was started by him,” Chiti said.
“Everybody in the Storage Treasures group is enthusiastic about joining OpenTech,” Grant said. “Robert is a member of our Board of Advisors and investor for more than a year, which means he’s at up to speed with our short and long-term plan of action. We’re already the biggest self-storage auction on the internet and in-person platform, and with OpenTech we’re planning to expand our reach and take our customer experience and technology to a different level.”
OpenTech has self-storage management services that are compatible with the late-to-lease process. Their XpressCollect service is a system that automatically informs tenants via a simple method (text or email, or even a phone call) that rent is due. The service also offers tenants a simple and secure way to pay their rent payments, saving the managers a lot of time as well as reducing the cost for self-storage property owners.
Storage Treasures already uses the OpenTech Open API service to automate the process of posting auctions by making sure that the Storage Treasures website is updated with data from the administrator’s property management system. This integration greatly minimizes the risk of human error during the process and also reduces an owner’s risk.
As part of OpenTech’s mission to develop open-source solutions, the company intends to invest heavily in the launch of new sites and will be expanding the features of its Storage Treasures website in order to increase the utilization of the services by other partners like traditional auctioneers affiliated auction sites across other markets, and resale stores.
“The trend of reselling is growing and we’d like to place Storage Treasures at the heart of it all,” Chiti added. Chili.