iDWELL Acquires AI-Based Financial Management Solution
The PropTech company iDWELL is consistently pursuing its growth strategy with the acquisition of an AI-based financial management solution specifically for property managers. The company has secured the rights to the financial software solution from its long-standing development partner domonda. This solution automates processes in commercial management and masters the complexity of real estate accounting. With the acquired rights, iDWELL is authorized to further develop the solution and distribute it across the entire real estate sector.
Exclusive Rights in the Real Estate Industry Acquired with “iDWELL Finance”
“iDWELL Finance” is a financial management solution developed by Domonda, a provider of financial and accounting software. iDWELL has been cooperating with Domonda in the area of financial automation for almost two years. “iDWELL has secured exclusive rights in the real estate industry for the further development and distribution of this innovative financial solution,” explains Alexander Roth, founder and CEO of iDWELL, who wants to advance his AI strategy. “The solution is tailored to the complex requirements of property management companies. We are integrating it and expanding our ecosystem into a comprehensive platform. This marks our evolution from a PropTech to an AI-Tech company,” Roth continues.
Industry-Specific AI
With the “iDWELL Finance” solution, the company aims to significantly improve efficiency for its customers. The decisive difference lies in the industry-specific AI: “Generic, unstructured solutions can often only correctly read up to 60 percent of the data in the complex invoice structures of property management companies. With ‘iDWELL Finance’, we achieve a recognition rate of 95 percent. This saves our managers many hours of manual effort daily,” Roth illustrates the advantages.
Leading Real Estate Companies Already Rely on the Solution
The “iDWELL Finance” solution automates processes in commercial management while mastering the complexity of real estate accounting. It is already used by around 100 leading real estate companies such as MVGM, Kager-Knapp, and MWW AG in metropolitan areas such as Frankfurt, Vienna, and Leipzig.
Further Development of “iDWELL Finance”
It is planned to continuously further develop “iDWELL Finance.” The solution is to be supplemented with functions in the areas of document management systems (DMS), in-depth AI process optimizations, and new banking modules for fully automated payment processing. These extensions are specifically designed to make the management of rental and ownership units more efficient and to ensure compliance with the principles for the proper management and storage of books, records, and documents in electronic form (GoBD-Compliance). “With this expansion, we unite all stakeholders – from management to service providers – on one intelligent platform,” says Roth.
Ecosystem and Partner Network
iDWELL offers an open system architecture including interfaces. Together with its established partners such as Aareon, Domus, and Real Data, seamless interaction with the existing ERP systems of property management companies is ensured.
About Domonda
Based in Vienna, Domonda is a leading provider of financial and accounting software as a SaaS solution, specializing in automating the entire invoicing workflow for corporate clients in the DACH region. Using highly developed AI technology, domonda digitizes financial processes for SMEs and mid-sized companies and specialized industries, including the real estate sector. In addition to its own software solution domonda, Domonda is also used as a white-label solution provider by various tax law firms and customers, and the sale of the license for iDWELL Finance creates a win-win situation for both companies and their respective target markets.
About iDWELL
iDWELL is a leading PropTech company that has been revolutionizing the real estate industry since 2017. With an innovative software platform, iDWELL manages well over one million existing units in Austria, Germany, and Switzerland and serves more than 900 customers. In November 2024, the PropTech secured an investment of around 10 million euros from Knight Capital and existing investors such as Flashpoint Venture and Wecken & Cie. The Software-as-a-Service (SaaS) solution optimizes efficiency and transparency in real estate management through a central, digital platform.