RealPage is shelling out $250M in cash to acquire On-Site Manager, a leasing platform for multifamily and single-family property managers and residents. As a result of the deal, Richardson, Texas-based RealPage will be used to manage 700,000 new units, bulking up its service offerings.
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This is RealPage's fourth multifamily services company acquisition in 2017. Its shopping spree ($700M year to date) will boost the company's annual revenue to $1B by 2020. It purchased Axiometrics for $75M in January, Lease Rent Options for $300M in February and American Utilities Management for $70M in June.
On-Site adds prospect and resident portals, online and on-premise leasing, payment processing and eSignature lease execution to RealPage's toolbox. It also adds real-time consumer credit, demographic and sociographic data for 1.9 million units to the RealPage Data Analytics platform.
Vista Point Advisors, a San Francisco-based boutique investment bank, acted as the exclusive financial adviser to On-Site. The merger is still subject to regulatory review.
