RealPage, a company that develops cloud-based software and data analytics for the real estate sector, is set to be acquired by private equity investment firm Thoma Bravo in an all-cash deal worth $10.2 billion.
Founded out of Texas in 1998, RealPage targets companies operating in the multi-family rental real-estate realm, serving them with many of the technologies needed to manage their myriad properties, such as accounting, marketing, and business intelligence — this includes insights into trends across broad portfolios and key performance indicators (KPIs) at an individual properties. At a time when property managers, owners, and investors across the real-estate realm may be concerned about rent defaults due to job losses and the broader impact of the global pandemic, having access to data and custom reporting can help identify where the risks and opportunities may lie.
Moreover, this acquisition serves as further evidence that cloud computing and software-as-a-service companies have emerged strongly from the global pandemic. RealPage, which went public a little more than 10 years ago, has seen its share value soar of late, growing by nearly a quarter throughout 2020 and hitting an all-time high of $69 in early December. Thoma Bravo’s bid offers RealPage’s shareholders a premium of 30.8% on Friday’s closing price of $67.83.
The companies said that pending shareholder approval, they expect the deal to close in Q2 2021, after which RealPage will become a privately-held company.
