Money

RealPage buys Buildium for $580 million

 

Actual property tech firm RealPage introduced this week that it acquired actual property property administration resolution supplier Buildium.

The corporate first introduced the acquisition simply final month however made it official this week by closing on the deal.

That is the corporate’s eighth acquisition since January 2017.

RealPage beforehand pegged the worth of the Buildium acquisition at $580 million.

Based on the RealPage, the corporate plans to mix its personal property administration capabilities with these of Buildium to “goal smaller multifamily, single-family, associations (HOA and apartment) and industrial actual property market segments.”

Buildium is presently in use by greater than 17,000 clients in additional than 50 international locations and has roughly 2 million residential items below administration.

RealPage, in the meantime, presently serves 16.eight million items worldwide.

“The SMB market phase represents an amazing development alternative for RealPage. That is an space the place expertise is underutilized, and presently served by myriad level merchandise,” stated Steve Winn, CEO and chairman of RealPage. “Buildium in live performance with RealPage permits us to achieve deeper into that 50 million-unit market, with a best-in-class platform backed by knowledge science.”

Based on RealPage, the corporate plans to develop on Buildium’s property administration platform by “incorporating ‘click-on’ capabilities that: enhance the renter leasing and dwelling expertise, enhance the restoration of utility charges, improve fee processing capabilities, and develop insurance coverage choices.”

“Our crew is thrilled to instantly hit the bottom operating, with explicit emphasis on rapidly integrating RealPage capabilities into the Buildium platform and quickly increasing the worth that we provide to our clients,” stated Chris Litster, CEO of Buildium. “We’re additionally excited to execute on our shared imaginative and prescient of investing in Buildium’s operations and leveraging Boston-area expertise to assist us scale an enhanced SMB platform throughout the actual property trade.”

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