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Proptech company RealPage has reached an agreement to acquire Seattle-based Knock, a customer relationship management provider for the multifamily industry.
With the acquisition, announced Friday and expected to close in the coming days, the companies plan to bring forth an AI-driven operating platform aimed at maximizing net operating income for multifamily owners.
“Acquiring Knock accelerates our strategy to deliver a next-generation front office platform that supports centralized leasing,” RealPage CEO Dana Jones said in a release.
Knock was founded in 2014 by Tom Petry and Demetri Themelis to create a CRM system to help multifamily operators improve their tenants' and on-site teams' experiences. The company secured a $10M Series A round in 2018, according to the company's website. In 2021, the company landed a $20M funding round led by Fifth Wall Ventures, the largest proptech-focused venture capital firm.
For RealPage, which provides a software and data platform that serves over 22 million multifamily units worldwide, the deal comes after it reached a major partnership in June. The firm partnered with CompStak, a commercial real estate data provider that hadn't previously served the multifamily sector, to integrate its rental information onto the platform.
Founded in 1998 and based in Richardson, Texas, RealPage rolled out its first property management product in 2001. Since then, the company has launched a series of additional products and has acquired companies to fuel its growth.
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