Property management software company RealPage is set to be acquired by private equity firm Thoma Bravo for $9.6 billion.
Thoma Bravo will pay $88.75 per share for the Texas-based proptech firm, the Wall Street Journal reported. That’s 31 percent above RealPage’s stock price, which closed at $67.83 per share on Friday.
RealPage’s platform allows landlords to collect rent and receive maintenance requests from their tenants. It also collects information on leases to compile market reports and other forecasts.
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RealPage Chief Executive Steve Winn told the publication that the pandemic helped the firm to expand its reach as more owners sought to go virtual with their operations.
The company had been on its own acquisition spree recently, picking up electronic payment platform company ClickPay, property management solution provider Buildium and multifamily real estate engagement solution Modern Message.
In January, RealPage made headlines as hackers stole $10.5 million from the company’s account. The company claimed it had recovered $4.5 million of the money.
Based in San Francisco and Chicago, Thoma Bravo specializes in the software and technology-enabled services sectors. The firm manages more than $70 billion in assets. [WSJ] — Akiko Matsuda