The big news of the week is the merger between VTS and Hightower. These two companies had been competing for the same clients and building very similar platforms, and are now coming together to “accelerate our product road map”, according to Brandon Weber, Co-founder and CEO of Hightower who will now assume the role of Chief Product Officer at VTS.
These two companies joining forces to provide the corporate real estate industry with the best product possible is an exciting undertaking.
But what if it doesn’t work?
First, the cultures of the two companies need to come together. New teams will be formed, and hopefully, that’s a smooth process. However, as we all know, culture and chemistry are not predictable.
Next, how will the absence of the competition impact the development of the product? Since the platforms are so similar, they had been racing to roll out new features and products. Who would be first? Whose would be better? The competition was fierce! Will they have the same focus without the fear of being second?
Would The Rolling Stones have been as good if not for their competition with The Beatles?
I have spent time with both teams, and at one point, I think I compared them to Sirius and XM. I told them both that they should merge and charge more. Now that they have, I hope they don’t listen to the second part!
However, it’s because I have spent time with both teams that I am convinced this will work.
Nick Romito is one of the hungriest people I have met in my career, while Brandon Weber might be one of the smartest. That’s a killer combination. Both are former brokers who understand what the industry needs and wants, and both are hyper focused on the customer.
This week, Gary Vaynerchuk wrote a blog post titled, Two Secrets to Staying Motivated & Hungry. In the post he wrote,
“People ask me how I constantly stay so competitive and motivated. It’s tough for me to answer this question for others because for me, being motivated is hard wired.”
Nick, Brandon, Ryan Masiello and the other leaders on their collective teams are hard wired to stay motivated, hungry and focused.
Potentially, the real winner here is the industry. Their platforms provide data that we have never had access to in the past as well as easy access to data that was previously difficult to gather. If these two teams can come together and crush it, which I think they will, the users will benefit the most. As someone who has used both platforms, I am excited and can’t wait to see what they roll out next!
Today, I will say congratulations to both teams.
Tomorrow, the hard work starts. Go get it.