A billion here, a billion there, and soon you're talking real money. That's what Lessen, which has a property services platform, said effectively happened when it acquired SMS Assist, which has cloud-based software for facilities maintenance, for $2 billion.

"The two companies will serve a national footprint of approximately 250,000 residential and commercial properties and facilitate approximately 2.5 million repair and maintenance orders per year – in tandem with bolstering a broader range of property services," a press release stated. "By merging the complementary strengths of both companies, Lessen will continue to tackle real estate's pain points, providing its customers with a scalable, tech-enabled, enterprise solution for commercial and residential services."

The companies said that the acquisition involved $500 million in new debt and equity as well as a stock swap "resulting in an increased combined company valuation of over $2 billion in enterprise value."