Richardson-primarily based RealPage Inc. — the quickly-developing real estate administration companies and software package agency — is being offered in a deal valued at extra than $10 billion.
RealPage has agreed to a invest in by Thoma Bravo, the San Francisco-dependent personal fairness organization.
The transaction is scheduled to shut in the second quarter of subsequent calendar year.
RealPage has been in enterprise because 1998 and serves extra than 12,000 house enterprise clientele around the globe. The company’s shoppers include things like proprietors and operators of flats, with extra than 19 million rental models in North The united states, Europe and Asia. RealPage sells program, functioning devices and supplies analytics to the rental market.
During the very last couple decades, RealPage has tremendously enlarged its footprint with acquisitions of scaled-down companies.
“I am immensely very pleased of that get the job done and also pleased that the transaction will supply us the opportunity to work with Thoma Bravo, a organization with large software expense and operational capabilities,” RealPage chairman Steve Winn said in a statement. “This will enrich our skill to emphasis on executing our long-phrase approach and providing even better items and providers to our clientele and associates.”
Just after the acquisition is finished, RealPage will carry on to be centered in Richardson and function under the management of Winn, in accordance to the buyout agreement.
Winn and “certain affiliated entities” own about 10% of RealPage’s stock.
RealPage went community a ten years ago in a stock sale valued at $135.3 million.
The company has obtained about a few dozen providers about the decades.
RealPage had about 7,000 workers at the begin of 2020.
The business expects 2020 profits of more than $1.1 billion.
With the invest in by Thoma Bravo, RealPage shareholders will obtain $88.75 in hard cash per share of RealPage typical stock — more than a 30% high quality earlier mentioned the company’s previous closing value.
Customer Thoma Bravo’s holdings incorporate investments in tech and software firms. The business, which has places of work in San Francisco and Chicago, manages extra than $73 billion in assets.
“RealPage’s marketplace main platform is crucial to the serious estate ecosystem and has great probable likely forward, Orlando Bravo, founder and a managing associate of Thoma Bravo, said in a assertion. “Our organization has a observe record of buying cutting-edge application suppliers to specialised industries and driving their innovation and progress while remaining genuine to their core organization and customers.
“Together, RealPage and Thoma Bravo can associate to develop the company’s sector choices and boost its existing capabilities to capitalize on the significantly advanced and increasing true estate industry.”