RealPage Firm Sold for $9.6 Billion, Market briefs

In Richardson, Texas, The Thoma Bravo private equity firm has agreed to acquire RealPage, Inc., a Texas-based apartment data and software firm, for $9.6 billion.

RealPage, based in Richardson, near Dallas, is well known in the multifamily industry for analysis and forecasting apartment trends.

RealPage also provides multifamily managers with its software platform that enables tenants to pay rent online and make requests for repairs and maintenance. Those online services have been in high demand during the pandemic.

Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock upon closing of the transaction. The purchase price represents a premium of 30.8 percent over RealPage’s closing stock price of $67.83 on Friday, December 18.

The RealPage Board of Directors has unanimously approved the agreement with Thoma Bravo,

a private equity investment firm focused on the software and technology-enabled services sector. Thoma Bravo, based in San Francisco, is led by company 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 a Managing Partner of Thoma Bravo. “Our firm has a track record of acquiring cutting edge software providers to specialized industries and driving their innovation and growth while remaining true to their core business and customers. Together, RealPage and Thoma Bravo can partner to grow the company’s market offerings and enhance its current capabilities to capitalize on the increasingly complex and expanding real estate market.”

RealPage expects to continue operating under the leadership of RealPage Chairman and CEO Steve Winn and the existing RealPage leadership team based in Richardson. The company leased 400,000 SF for its headquarters in Richardson in 2015.