RealPage sells to private equity firm for $9.6B

Property-management software firm previously acquired smaller companies

National /
Dec.December 21, 2020 09:35 AM
RealPage's Steve Winn amd Thoma Bravo’s Orlando Bravo (Photos via Wikipedia Commons; RealPage)

RealPage’s Steve Winn and Thoma Bravo’s Orlando Bravo (Photos via Wikipedia Commons; RealPage)

Property management software company RealPage is set to be acquired by a private equity firm for $9.6 billion in one of the largest proptech M&A deals of the decade.

Thoma Bravo will pay $88.75 per share for the Texas-based proptech firm in one of the largest recent leveraged buyouts, the Wall Street Journal reported. That’s 31 percent above RealPage’s stock price, which closed at $67.83 per share on Friday.

RealPage’s platform allows landlords to collect rent and receive maintenance requests from their tenants. It also collects information on leases to compile market reports and other forecasts.

RealPage Chief Executive Steve Winn told the publication that the pandemic helped the firm to expand its reach as more owners sought to go virtual with their operations.

In January, RealPage made headlines as hackers stole $10.5 million from the company’s account. The company claimed it had recovered $4.5 million of the money.

The company had been on its own acquisition spree recently, picking up electronic payment platform company ClickPay, property management solution provider Buildium and multifamily real estate engagement solution Modern Message.

It’s a particularly hot time for proptech mergers and acquisitions: Commercial real estate giant CoStar has purchased several smaller tech firms in the past year, including Homesnap and Ten-X; and several large firms, including CBRE and Tishman Speyer, have launched blank-check companies with an eye toward acquisitions. [WSJ] — Akiko Matsuda


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
CHIP executive director Jay Martin (iStock)

Rent-stabilized tenants owe landlords more than $1B

Rent-stabilized tenants owe landlords more than $1B
Laurent Morali and Charles Kushner (iStock)

Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects

Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...