US real estate services company JLL - Jones Lang LaSalle Inc. (NYSE: JLL) today announced that it has reached an agreement to acquire Israeli AI real estate investment technology company Skyline AI, which has developed proprietary machine learning models to gain a competitive advantage in the origination and analysis of real estate opportunities. No financial details about the deal were disclosed. The transaction is expected to close within days.
Skyline AI uses unique data sets, AI and Machine Learning (ML) algorithms to process data quickly and drive actionable insights for real estate experts in a field where data is fragmented.
JLL Global Capital Markets CEO Richard Bloxam said, "The acquisition of Skyline AI is a significant step for JLL as we look to provide the most strategic and creative advice to our clients. When you combine the intelligence of the best advisors on the ground with a quantitative expert team and AI data analysis, you get insights that are beyond human and create a competitive edge for JLL and our clients."
JLL will incorporate Skyline AI technology and proprietary data into its products so JLL clients can better predict future property values, improve cost savings, identify promising investment opportunities and make critical business decisions, such as when to raise rent, renovate or sell. Skyline AI’s AI data analysis coupled with JLL’s industry expertise will aid faster decision-making and access to trends for JLL clients.
Skyline AI was founded in 2017 by serial technology entrepreneurs CEO Guy Zipori, Amir Leitersdorf, Iri Amirav and Or Hiltch, who have a proven track record of building, scaling and selling technology companies.
Zipori said, "JLL provides the perfect platform to realize our vision of transforming CRE using AI. Skyline AI has worked closely with JLL as an investor since 2018. The next natural step is to become part of JLL, a multi-billion-dollar global company that sees the transformative power of the Skyline AI platform."
JLL Israel CEO Ziv Shor said, "This move is a key part of JLL's broader strategy and strengthening our position as a technology leader in the real estate world. The synergy between traditional real estate and the most advanced technologies in the world in the field of AI and Data is an extraordinary opportunity. In addition, the acquisition joins the significant increase in our activity (investment management, brokerage, maintenance projects, etc.) in Israel. Today our team has about 200 employees and we plan to double it. As a global leader, JLL is constantly looking for innovative solutions for its customers. The acquisition of Skyline AI technology will allow us to bring the technology to our customers around the world."
J.P. Morgan acted as an advisor to Skyline AI in this transaction.
Published by Globes, Israel business news - en.globes.co.il - on August 11, 2021
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