Dealpath software for support

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welcome to the print Mike saraka from dealpath um thanks so much for joining us David thank you for having me here very excited to be here wonderful well first off congratulations on the recent fundraise uh could you tell me a little bit I mean first of all it's like a pretty challenging environment to raise funds in right now so congratulations on that as well thank you uh can you tell me a little bit about what that process was like and kind of what you're planning on doing more expansion plans sure so last week dealpath announced our series seat fundraise with 43 million dollars led by Morgan Stanley expansion capital and this is a growth round for us our business business has been in a great growth pattern um we've almost doubled our team over the past year to 100 people across offices in San Francisco and New York City and Toronto we've been building our book of clients and really building out our platform to support those clients we have lots and lots of work in front of us and are looking forward to building out our teams and capabilities to really support a global business well tell me a little bit about the sounding and philosophy behind deal path and you know like I guess where have you come from obviously to this point um we started the company eight and a half years ago um which in some ways feels like forever ago on a flash um it's been both of those things I had started my career in real estate Finance um and kind of unexpectedly moved into software development and so now building software for real estate investment and finance seems like a very logical progression but I can't say that it was really planned that way it happened very organically and I'm thrilled that that's been the case when we started deal path former colleagues and friends had really been asking for Solutions and it took us a little while to hear them the right way but as we started to dig in and learn more about their needs and learn more about the market we were finding a very clear unmet need and broken workflow for investment teams and a big opportunity to build a solution that would support those institutional investors that would really enable them to employee Capital efficiently and to allow investors to really invest in our built world so that is what we set out to do nearly eight and a half years ago we've made great progress and have so much more in front of us so I think that this is really just the beginning for deal path and a lot more work ahead well so what kind of expansion do you see like do you want to expand more internationally or is it are there additional kind of products that you'd like see that you want to kind of build out of the original floor we are a yes and Company so I would say that it is all of those things I think that we are big fans of Trying to minimize variables so from when we started deal path we've tried to focus our Solutions on a set of use cases that we could sport well and grow out from there today we support hundreds of institutional investors and more than 10 trillion dollars in transactions and I think what we see is client needs for more and more solutions and people abilities that we want to build out and be able to increasingly support a global business with thousands of institutional clients so again lots of work ahead and very happy that that's the case well so real estate and institutional clients sort of generally um one would think that are sort of slow to adapt new technology like how how difficult has it been to sort of make the case that like to get over the hump of what you know to bring your technology in-house and some of these big old companies that are making lots of money anyway and you know it's been really interesting um I think that real estate and particularly the investment management side has been very underserved by software and technology for some good reasons and there's been changes in the market that have really caused for I think new capabilities to to really get traction so when we looked historically at these firms while they're really large by dollar value they're comprised of a relatively small team of people and so I think that the evolution of cloud-based software of SAS based business models have enabled more industry specific Solutions and design software for their specific needs now going through change management is always really hard and there needs to be very clear value and and reason to change and I think that that's the journey that we've been on is creating this new category and educating the market on you know understanding the pain points and they're seeing and the solutions that are available to them and so I think that our partnership with our clients and Prospects has really allowed us to build out these Solutions and you know really build momentum to the business that that we've become today and that we aim to be in the future a lot a lot of project companies you know quote-unquote property companies um did very well in the pandemic I mean there are a lot of solutions that were sort of uh you know had been slow to adopt before and then the pandemic kind of changed everything around and made them more vital how has it affected you and how are you coming out of it you know I do think that we are one of those stories where you know while there were so many horrible things about the pandemic it was a real accelerator in the digital transformation of real estate and it put a spotlight on some issues and trends that had been bubbling up but caused for immediate need to make changes so in our universe I would say that you know every owner and investment manager in the world frantically zoomed in to try to understand the performance of their own portfolio to consider potential repositions or opportunistic Investments and during that process they were used to meeting together in a conference room every Monday for an investment committee meeting working shoulder to shoulder together on deals however they now needed to you know work in a distributed fashion and that was again really putting a spotlight on the needs for having centralized data that's globally accessible having these flexible workflows that enable your teams to work from anywhere and having the data security that these leading institutions require is more and more of their proprietary information is stored in housed in cloud services so I I do think that we were a beneficiary of this and coming out of the pandemic and reopening now it seems impossible that people are going back so I think that that was a catalyst to help Drive the change management that we see in front of us you're speaking a little bit about data security before like how big an issue and like has that is that becoming a bigger issue over time I mean more and more it seems like everything's sort of connected one way or the other to the internet and like there's vulnerabilities and stuff and so you know uh the stakes are high these are institutional investors who are fiduciaries for billions of dollars of capital and are doing individual transactions that are measured in the tens of millions hundreds of millions billions of dollars and so that proprietary data those Communications are sensitive and historically real estate doesn't have a rich history in being experts in data security but that has quickly becoming a core part of the business and something that is you know very important to us and from our earliest days we've invested deeply in dealpath maintains sock 2 type 2 certification and compliance which is a very high standard and requires an annual audit and I think that this is part of that you know learning curve with the industry of these new requirements that that they need to have and we need to understand together are you as you sort of look forward again with you know this uh fundraise that just kind of came through do you see kind of certain kinds of Partnerships or certain kinds of expansions that you're I mean maybe I I was going to say off the Record but we're on the record so I guess we're on the record so yeah you know where are you looking for kind of expansion I think that's a core part of our business today and we'll only increasingly be the case and so we've designed and built deal path it's really the center of a modern real estate Tech stack and ecosystem we want to be the command center for the front office the investment committee and the investment team at these firms and in order to get the most value out of our platform and their business they really need to integrate with the tools and services that they use upstream and the various different things that they use Downstream from us so I think that we today offer a third-party API and a developer portal sport ETL and bulk upload and downloads of information we have built-in Integrations with a number of Partners and that's something that we continue to invest in over every period we think that it's really important that these clients be able to access and manipulate their data across the different tools that they need to utilize cool well thanks so much Mike stratka for uh for joining us on the print and hope to see you again soon thank you so much for having me it's a pleasure to be here [Music]