Self-Storage Technology Provider OpenTech Acquires 100% Stake in StorageTreasures.com

Update 9/9/24 – After eight years of being the majority stakeholder, OpenTech announced last week that it is now the sole owner of StorageTreasures LLC. OpenTech acquired 51% of the online-auction platform in 2016, assuming responsibility for management of storagetreasures.com. It purchased the remaining 49% in August, according to a press release.

“We have enjoyed a great partnership with the minority members of StorageTreasures and deeply appreciate their support over the years,” Chiti said. “As we enter a new phase of growth, we collectively decided that consolidating the companies under OpenTech would allow us to unify our strategy, enhance our platform, and ultimately deliver an even better experience for our customers.”

StorageTreasures hosted nearly 500,000 online self-storage auctions last year. The platform will continue to integrate with all facility-management programs. OpenTech doesn’t charge a fee for an application programming interface.

Features of StorageTreasures include backup bidder and unit liquidation to resolve unsold cases, auction-review services for lien-law compliance, advanced data analytics, auction reporting, and lien-loss recovery rates through marketing automation and an auction-bidder app.  Future enhancements will continue to automate the auction process, the release stated.

“Our dedication to enhancing the auction process through technology, remains unwavering,” said Amanda Holt, senior vice president of StorageTreasures. “With unified leadership, we are now fully positioned to execute our strategic plans with increased agility and focus.”

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1/19/16 – OpenTech Alliance Inc., a Phoenix-based provider of self-storage kiosks, call-center services and other technology, has acquired a majority stake in StorageTreasures.com, an online-auction website that serves self-storage businesses and auction buyers. As a part of the investment, OpenTech has signed a long-term management agreement to operate websites related to Storage Treasures LLC, hire all of its employees and expand the brand into new markets, according to a press release. Financial terms were not disclosed.

StorageTreasures.com supports more than 900,000 registered bidders and serves more than 6,000 self-storage facilities, according to the release. Associated websites include LegalNoticeLocator.com, SpacePicker.com and StorageBattles.com. The company became Storage Treasures LLC after a 2014 merger between Storage Battles LLC and Storage Treasures Inc.

The acquisition comes eight months after Storage Treasures integrated with OpenTech’s open application program interface (API), which enabled the auction provider to securely connect with multiple self-storage management software programs and streamline the auction process for users, according to a previous release. Last August, Storage Treasures signed an agreement with self-storage real estate investment trust Extra Space Storage Inc. to be the operator’s exclusive platform for online auctions.

“We have observed the rapid adoption of online auctions in our space and felt we could leverage our technology expertise, customer-service capabilities and IT infrastructure to help scale the Storage Treasures platform,” said Robert A. Chiti, president and CEO of OpenTech. “Over the past two years, the team at Storage Treasures, led by Jim Grant, has knocked the cover off the ball. They have significantly ramped up every metric of the business, including self-storage facilities using the service, active bidders, number of auctions and, most importantly, the debt-recovery percentage for their storage owners.”

Grant will continue leading the Storage Treasures brand, Chiti said. “Everybody within the Storage Treasures organization is very excited about joining OpenTech,” Grant said. “Robert has been a member of our board of advisors and investors for over a year, so he is up to speed on our short- and long-term roadmap.”

OpenTech intends to “invest heavily” in launching related websites while also adding features to the Storage Treasures platform designed to increase participation from traditional auctioneers, affiliated auction sites in other markets and resale outlets, according to the release. “The resale trend is exploding, and we want to put Storage Treasures in the center of it,” Chiti said.

StorageTreasures.com is a free locator service identifying storage auctions and self-storage facilities in Canada and the United States. The website offers auction schedules and site-specific guidelines for auction hunters and self-storage owners.

OpenTech provides several models of INSOMNIAC self-serve kiosks as well as a range of self-storage rental solutions including the INSOMNIAC Live! Call Center, INSOMNIAC Online Web and mobile applications, LiveAgent! software products, and the INSOMNIAC ILock Security System, all available through the company's self-storage cloud.