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182 183 the problem with raising Wall Street money is at some point, they want it back.When that time came, StorageMart bought Warburg Pincus out by partnering with a high-net-worth individual who continues to sponsor them, today. Burnam explains, “Our partner did a lot of business in Canada and suggested we expand north of the border. But every time we got close to a deal, Toronto-based, InStorage Real Estate Investment would swoop in, overpay, and buy the location. The numbers just didn’t make sense to us. So, we did our homework and realized these folks knew how to spend money, but they didn’t operate properties very well. As a result, we start- ed slowly buying their stock and, in 2009, bought the company, and became the largest operators of self-storage in Canada with 70 locations.” Fast forward to 2016, StorageMart bought the sixth largest storage firm in the U.K.; today they have 16 locations in London and southeast En- gland - over 200 locations in total, with over 13 million sq. ft. of real estate. Annual revenue is about $200 million U.S.–65 percent American, 30 percent Canadian, and 5 percent U.K. On a net operating income basis (NOI), StorageMart is a $125 million company. Implementing state-of-the-art systems, such as the StorageMart website, sets the company apart from others in the industry. Customers can go on the site, find the unit they need, pay for it, and be done in just a few moments.Whereas, many com- petitors still don’t put their prices online. Seventy percent of StorageMart customers are residential. Business clients make up the other 30 percent – STORAGEMART Veritec specializes in Dynamic Pricing Analytics and Revenue Management, providing both software and consulting services. We offer a subscription-based Software-as-a-Service Pricing and Revenue Management system, used by dozens of self-storage companies to manage pricing and rent increases at thousands of stores. www.Ver i tecSolut ions.com Our Capabilities: Pricing Analytics | Revenue Management | Transportation Analytics | Sales & Operations Planning Industries We Serve: Self Storage* | Travel & Transportation | Cruise Lines & Rental Vacations | Rail | Ticketing | & Many Other Areas Contact Us Today: Phone: 650.620.0000 | Email: info@veritecsolutions.com *Self-Storage companies have documented revenue increases of up to 6 percent from our patent-pending Value Pricing software. For more information, please visit www.veritecsolutions.com and read about our clients and case studies. See how we can help your company too. mainly small companies and entrepreneurs that have run out of space in their basement or garage for service vehicles and inventory. Self-storage is often more flexible and cheaper than renting a warehouse – and a great place to incubate a business. Storage units range from a 5 ft by 5 ft space, up to the size of a two-car garage, and climate-con- trolled heating and cooling is an option. Compe- tition in the U.S. self-storage market is diverse, with thousands of companies in operation, every- thing from sole entrepreneurs with one facility, to large companies that own dozens or hundreds of facilities. In Burnam’s eyes “Canada only has two main competitors –Public Storage and Access Storage –both good companies, we just think we’re a little better. All our properties have strictly controlled access with a gate, key pads, and video surveillance cameras. They are brilliantly lit, so you feel completely comfortable accessing your storage unit, any time.” StorageMart is also a champion of community service. To that end, it operates a program called