Thoma Bravo to amass RealPage property administration platform for $10.2B – TechCrunch

Thoma Bravo to acquire RealPage property management platform for $10.2B – TechCrunch

The busy year in M&A continued this weekend when personal fairness agency Thoma Bravo introduced it was buying RealPage for $10.2B.

In RealPage, Thoma Bravo is getting a full-service property administration platform with providers like renter portals, website administration, expense administration and monetary evaluation for constructing and property house owners. Orlando Bravo, Founder and a Managing Accomplice of Thoma Bravo sees an organization that they will work with and construct on its earlier monitor file.

“RealPage’s business main platform is essential to the true property ecosystem and has great potential going ahead,” Bravo mentioned in a press release.

As for RealPage, firm CEO Steve Winn, who will stay with the corporate, sees the deal as an enormous win for inventory holders, whereas giving them the flexibility to maintain investing within the product. “This can improve our potential to give attention to executing our long-term technique and delivering even higher services and products to our shoppers and companions,”  Winn mentioned in a press release.

RealPage, which was based in 1998 and went public in 2010, is a typical sort of mature platform {that a} personal fairness agency like Thoma Bravo is interested in. It has a robust buyer base with over 12,000 prospects and respectable income, rising at a modest tempo. In its most recent earnings statement, the corporate introduced $298.1 million in income, up 17% yr over yr. That places it on a run fee of over $1 billion.

Beneath the phrases of the deal, Thoma Bravo pays RealPage stockholders $88.75 in money per share. That could be a premium of extra 30% over the $67.83 closing value on December 18th. The transaction is topic to plain regulatory overview, and the RealPage board may have a 45-day “go store” window to see if it might probably discover a higher value. Given the premium pricing on this deal, that isn’t seemingly, however it’s going to have the chance to attempt.

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