The two companies offer software that helps landlords conduct background checks on prospective tenants and offer insurance if a tenant fails to pay rent. Terms of the deal were not disclosed. (The Logic)

Talking point: Naborly, a Toronto-based graduate of the famed Silicon Valley accelerator Y Combinator, outstrips SingleKey in total funds raised, attracting about US$13 million to SingleKey’s US$3 million. But in an interview with The Logic, SingleKey CEO Viler Lika said Naborly’s rapid growth fuelled by that funding led to problems once the pandemic hit and renters lost their jobs en masse. Naborly’s struggles created a buying opportunity for SingleKey: “We were best suited to acquire them because we knew exactly how to run their business,” Lika said. The rise in automated tenant background check services—including Naborly—has raised privacy and discrimination concerns. Lika said SingleKey is evaluating Naborly’s artificial intelligence algorithms and plans to stick to variables like commute time and frequency of moving if it integrates them into its platform.