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CINC Systems Completes Acquisition Of HOAst, Inc.

TheStreet
TheStreet
 2021-09-13

DULUTH, Ga., Sept. 13, 2021 /PRNewswire/ -- CINC Systems, the country's leader in SaaS-based platforms for the community association management space, today announced it has completed the acquisition of HOAst, Inc., bringing together the No. 1 software platform with the No. 1 e-voting platform for HOA/COAs.

The acquisition means that for the first time in the CAM industry, an e-voting platform for HOAs and COAs will be fully integrated into a software solution for associations, providing greater efficiency for e-voting than homeowners have ever experienced. Homeowners and HOA/COA board members will be able to sign on to e-voting just like they do via CINC Systems, so all their needs are in one single location.

Combination to supercharge digital transformation in the HOA/COA space

"At CINC, our number one priority is to make living in a professionally managed HOA a great experience," said Ryan Davis, CEO of CINC Systems. "We do this through state-of-the-art technology that improves efficiency and execution of homeowner priorities. We're excited to put this tool in the hands of our clients and, in turn, their associations."

Elections can be challenging. Associations need to reach a quorum, ensure the perception of integrity, and make sure homeowner voices are heard. States are increasingly allowing digital voting in HOAs because paper voting procedures are timely and costly, which can be a hardship to both the board and their association management company.

Other e-voting solutions in the market are fragmented, which leads to increased risk for fraud and lengthier times to complete agreed upon actions. With other voting solutions, boards and management companies are forced to email their voting provider every time someone moves into and out of the community.

"Our partnership with HOAst transforms the e-voting space because we take the headache away from homeowners and boards, and we give them the ability to achieve quorum in a manner that is safe, fast, and efficient," Davis said.

HOAst brings e-voting efficiency for every CINC Systems user

With HOAst, CINC Systems will be positioned to play an even greater role in providing electronic solutions that drive efficiency, enabling homeowners across the U.S. to achieve quorum without disorder.

"Oftentimes when a board needs to vote on a project - from levying assessment increases to granting exclusive access to common areas - it can be very challenging to achieve quorum, even in an electronic solution," Davis said. "Excel files are imported and exported out of several different systems, and it's very time consuming to compile the votes. That leads to questions about election integrity. Through our acquisition, boards can achieve quorum within a fraction of the time. This leads to faster execution of initiatives within an HOA/COA, improving homeowner satisfaction and the reputation of an association management company."

HOAst to scale and further its mission as part of CINC Systems

As part of CINC Systems, HOAst will be positioned to accelerate and extend its mission of providing a safe and secure online voting solution. "It's a new and exciting time for HOAst," said Elieen McCrady, President of HOAst. "Our deal with CINC enables us to provide our solution to more boards across the U.S., ensuring that more homeowners are able to have their voice heard within their community."

Guidance

With the completion of the acquisition of HOAst, CINC Systems will be offering the e-voting solution to all CINC clients at a wholesale rate. CINC intends to showcase the solution to users at its annual user conference, CINCUp, on Sept. 13. Community association management companies who offer CINC to their boards and homeowners will be able to distribute the solution following its launch at CINCup.

All HOA/COA boards and community association management companies are welcome to learn more about the latest trends in e-voting and why CINC and HOAst's solution works for them at a live webcast through CINC Systems, to be held in October.

About HOAst

HOAst believes that every community member feels more engaged and valued when they have an active voice in their community. Additionally, they believe that when people feel valued, they are more collaborative - leading to a happier membership more willing to work with their respective boards and association managers. Learn more at www.hoast-inc.com

About CINC Systems

CINC Systems is the largest provider of SaaS solutions for the community association industry. Founded in 2005, CINC Systems became the industry's first Internet-based integrated accounting and property management system. CINC Systems is backed by founder Bill Blanton, a third-generation banker, and Spectrum Equity. The company serves more than 17,000 homeowners associations and 2 million homes. Learn more at www.cincsystems.com .

Resources

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SOURCE CINC Systems

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