Tech firms combine under Storable brand name to serve self-storage industry
TecTech firms combine under Storable brand name to serve self-storage industry
Over the course of last year, self-storage marketplace SpareFoot merged with industry software providers SiteLink and storEDGE. Now the combined companies have united under a newly formed brand identity called Storable.
Storable, which also includes recent acquisition Select Merchant Solutions, bills its self as a “technology-first” provider of a “suite of solutions designed to empower self-storage operators to enhance efficiency and optimize occupancy.”
Each Storable company will continue to operate as independent business units, providing between them the following services: software, website services, merchant services, aggregated search and training. The Storable family of companies will also continue to operate in their perspective locations: SpareFoot in Austin, TX; SiteLink in Raleigh, NC; and storEDGE in Kansas City, MO.
Chuck Gordon, Storable CEO and co-founder of SpareFoot, says tech companies have mostly ignored the self-storage space, leaving operators with the challenge of piece-mealing together a variety of tools to manage their business.
“With Storable, we’re giving business owners a suite of products designed to streamline their tools in order to maximize business growth and manage day-to-day tasks,” Gordon said in a press release announcing the new brand.
The beginnings of Storable
In 2008, Gordon and his college roommate Mario Feghali founded SpareFoot—originally as a peer-to-peer storage company akin to Airbnb. However, SpareFoot quickly discovered an untapped need existed to help traditional storage facilities to reach new tenants online. The company pivoted to become a searchable directory of self-storage facilities that users could use to reserve units online.
In March 2018, SpareFoot found a private equity partner, Boston-based Cove Hill Partners, to buy a majority stake in the company. Cove Hill simultaneously acquired a majority stake in leading self-storage management software provider SiteLink and put the companies together under a single holding company led by Gordon.
In August 2018, Cove Hill backed the acquisition of software and website developer storEDGE, bringing them under its growing family of self-storage tech companies. In April 2019, payment process provider Select Merchant Solutions was acquired and added to the group of companies.