Software firm RealPage Inc is being purchased by San Francisco-based private equity firm Thoma Bravo. The firm has agreed to pay around USD 10 billion to seal the deal. Reports suggest that the deal will be sealed in the second quarter of the year 2021. Richardson-based RealPage Inc serves more than 12,000 clients of property companies across the world. It has been around since 1998 and it one of the fastest-growing real estate management services. The company has more than 19 million rental units in Asia, North America, and Europe and its list of clients include owners and operators of apartments. RealPage has acquired a lot of smaller companies during the last few years and has greatly extended its footprint.
RealPage chairman Steve Winn said that Thoma Bravo has tremendous operational capabilities and software investment. “Therefore it is a very proud moment for us that we have got an opportunity to work the firm. The transaction has given us this opportunity and I am very please for that,” Winn said in a statement. Winn said that the transaction will enhance our ability and we will be able to serve clients in a better way. “This transaction will enhance our capability and helps us fulfill our long-term strategy that will ultimately enhance our service delivery to our partners and clients.”
According to the buyout deal, RealPage will continue to be based in Richardson even after the buyout. Even more, it will operate and work under the leadership of Winn. The chairman of the company, along with some other entities, owns about 10 percent of the stock of the company. RealPage had gone public almost a decade ago in a stock sale valued at USD 135.3 million. Meanwhile, Thoma Bravo said in a statement that there is a tremendous opportunity to grow together. “We have a track record of acquiring best software providers and then driving their innovation while reaming true to their core business,” Thoma Bravo founder Orlando Bravo said.