RICHARDSON, Texas – (Realty News Report) – Thoma Bravo, a leading private equity firm, has agreed to acquire RealPage, Inc., a Texas-based provider of apartment data and property management software, in a transaction valued at approximately $9.6 billion.
Headquartered in Richardson, near Dallas, RealPage is a well-known name in the multifamily housing industry for its data analytics, forecasting tools, and market insights. The company’s platform helps property owners and managers optimize revenue, analyze market trends, and make data-driven decisions.
In addition to analytics, RealPage offers a comprehensive software suite that enables tenants to pay rent online, submit maintenance requests, and access other resident services—features that have seen increased adoption during the COVID-19 pandemic as the industry embraced digital solutions.
Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash for each share of RealPage common stock at closing. That offer represents a premium of roughly 30.8 percent over RealPage’s closing stock price of $67.83 on Friday, December 18.
The RealPage Board of Directors unanimously approved the deal with Thoma Bravo, a private equity investment firm that specializes in acquiring and growing software and technology-enabled services companies. Based in San Francisco, Thoma Bravo is led by founder Orlando Bravo.
“RealPage’s industry-leading platform is critical to the real estate ecosystem and has tremendous potential going forward,” said Orlando Bravo, Founder and Managing Partner of Thoma Bravo. “Our firm has a track record of acquiring cutting-edge software providers that serve specialized industries, and of investing to accelerate innovation and growth while remaining true to their core businesses and customers. Together, RealPage and Thoma Bravo can expand the company’s market offerings and enhance its capabilities to serve an increasingly complex and expanding real estate market.”
RealPage plans to continue operating under the leadership of Chairman and CEO Steve Winn along with the existing RealPage executive team based in Richardson. The company previously consolidated and expanded its presence in the area, leasing 400,000 square feet for its headquarters in Richardson in 2015.
Dec. 21, 2020 Realty News Report Copyright 2020
File: RealPage Firm Sold for $9.6 billion
File: (2) Steve Winn. Orlando Bravo. Multifamily. RealPage Firm Sold for $9.6 billion to Thoma Bravo. Apartment software. Property management.