Acquisition is what it’s all about: The Room Ring is acquired by Roomi appMay 28, 2020
One of HubSpire’s partner startups, The Room Ring has succeeded in transforming the secondary marketplace for apartment rentals in New York through its P2P mobile app platform over the past two years, leading to its acquisition on June 12, 2017 by Roomi, a peer-to-peer mobile-first platform transforming the rental and shared housing industry.
We were very happy to be part of the RoomRing project. From the discovery phase to design and to the complete development of this project, we always knew the RoomRing team will do well. There is nothing more we can hope for our clients than something big like this to happen. The website and app will be temporarily removed from the app store, as Roomi makes decision on integration of the two companies.
Financial terms of the deal have not been disclosed.
Founded in 2015, The Room Ring consolidated itself as a reliable mobile platform for finding roommates and room rentals, with emphasis on finding compatibility between roommates through leveraging of a user’s social networks.
According to Business Wire, the acquisition follows Roomi’s own rapid growth since its launch two years ago. Roomi has grown its user base to over 750,000 users while expanding its services across 18 major cities. The Room Ring is the most recent acquisition following the buy-out of Room.me in the summer of 2016.
The Room Ring users will be accommodated on the Roomi platform immediately, adding new users in New York and other cities in the US. Lia Wayman, CEO of The Room Ring, said: “This acquisition provides The Room Ring’s users with access to a significantly larger network of roommates across more geographies. Once we had the chance to discuss our similar visions for the future of the rental industry, it was a no-brainer to add our efforts to Roomi’s.”
The Room Ring team, comprising Founder & CEO Lia Wayman, Co-Founder & COO Josie Hubschman, and Product Lead Charles Donner, had launched the P2P apartment rentals mobile app platform with technology mentoring and product discovery & development by HubSpire’s CEO Thomas Abraham.
For The Room Ring website, the HubSpire team utilized the strengths of Angular JS, Python, and HTML5, while the API Server was supported by Django and Postgres. For the iPhone app, HubSpire leveraged Objective-C to create a UI where we could dig into the social network of people to make room rent and roommate search easy. The UI enabled the Room Ring team to take a goal-oriented approach and offered a lot of lifestyle options for roomies in New York, making their lives simpler and safer.
“We have seen them taking baby steps to stardom. The Room Ring was featured in the New York Times and Inc. magazine. They were firmly rooted to the ground, continuing to build their user network with a top-notch service. We look forward to a new chapter of business innovation from Lia, Josie, and Charles. We congratulate them and wish to partner with them again on yet another exciting project,” said Thomas, CEO of HubSpire.com.