Thoma Bravo to Take RealPage Private in $10B Deal

Chicago-based private equity firm Thoma Bravo is buying RealPage (Nasdaq: RP) in a deal that values the property management software platform at $10.2 million. .

Richardson, Texas-based RealPage offers property and real estate management software and services for a range of real estate sectors including senior housing. The platform gives the ability to submit service requests to landlords and pay rent online, and provide a foundation for building owners to conduct financial management and manage expenses. RealPage also maintains a database of real estate transactions, and uses the data to conduct market research and forecasts.

From a senior housing perspective, RealPage can be used to document and report incidents, allowing providers to identify trends and reduce the risk of future incidents. It can also be used to automate care management, automatically calculate care fees and manage community census counts by automating move-ins and move-outs.


RealPage Chairman and CEO Steve Winn will remain with the company as part of the deal. He and the existing leadership team will remain in Richardson. Winn praised the deal as a win-win for shareholders.

“This will enhance our ability to focus on executing our long-term strategy and delivering even better products and services to our clients and partners,” he said in a statement.

Winn founded RealPage in 1998 and the company went public in 2010. It has a customer base of over 12,000 customers and reported $298.1 million in revenue in the third quarter of 2020, a 17.1% increase over the previous year.


Thoma Bravo specializes in acquiring stabilized software providers to specialized industries and driving innovation and growth. The firm agreed to pay $88.75 per share for RealPage — a 31% premium over the company’s closing stock price of $67.83 on December 18.
The announcement sent RealPage stock soaring in trading Monday, closing nearly 29% up at $87.33 per share. The company’s stock is up 28% over the past 12 months, and its current price is more than twice as much as its low point of $42.69 on March 18.

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