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