RealPage
TypePrivate
Nasdaq: RP (before acquisition)
IndustrySoftware
Founded1998
HeadquartersRichardson, Texas
Key people
Dana Jones (CEO)
OwnerThoma Bravo
Websitewww.realpage.com

RealPage is an American multinational corporation that provides property management software for the multifamily, commercial, single-family, and vacation rental housing industries. Dana Jones is Chairman of the Board & Chief Executive Officer.[1]

History

RealPage was founded in 1998 with the acquisition of Rent Roll, Inc.,[2] a provider of on-premises property management systems for the conventional and affordable multifamily rental housing markets.

RealPage moved its corporate headquarters to Richardson, Texas in 2016, and in 2017 acquired four companies — apartment market data provider Axiometrics, utility and energy management company American Utility Management, revenue management and pricing provider Lease Rent Options and also On-Site, a leasing and marketing platform company.[3]

In 2018, RealPage announced an agreement to purchase electronic payment platform company ClickPay, located in Hackensack, New Jersey.[4]

In July 2019, RealPage acquired utility management company SimpleBills.[5]

In December 2019, RealPage acquired Buildium.[6]

In January 2020, RealPage has agreed to acquire Modern Message, Inc.[7]

In September 2020, RealPage acquired real estate loT startup Stratis.[8]

In December 2020, private-equity firm Thoma Bravo announced it would acquire RealPage for $9.6 billion, paying $88.75 per share for the company, a premium of 31% for their closing prices at the time. Its shares were reported up 26% that year.[9] The acquisition completed in April 2021.[10]

In January 2021, RealPage acquired bulk Internet provider WhiteSky.[11]

Controversy

In October 2022, ProPublica reported that landlords use RealPage's asset optimization algorithm called YieldStar (later rebranded as AI Revenue Management) to increase rents throughout the United States, naming its users an illegal cartel that encouraged participants to withhold rental units from the market. Overwhelmingly, approximately 90% of property managers/landlords approve price change suggestions by the software. RealPage's software strongly discourages landlord users from negotiating asking rent prices with tenants.[12]

In November 2022, the United States Department of Justice's Antitrust Division opened an investigation into RealPage, which is accused of contributing to higher rent prices throughout the United States. The company's YieldStar software is alleged to use an algorithm to "help landlords push the highest possible rents on tenants."[13]

References

  1. ↑ Reuters
  2. ↑ "Rent Roll, Inc. and RealPage Communications, Inc. Merge. Three years later, they released their first on-demand property management product and since then, expanded the on-demand software solutions to include a number of value-added services from property management to renter's insurance and more. - Free Online Library". Thefreelibrary.com. Archived from the original on 2016-03-03. Retrieved 2016-02-24.
  3. ↑ "RealPage continues expanding, agrees to buy On-Site for $250 million - Acquiring leasing and marketing platform for rental properties". www.housingwire.com. August 2, 2017. Archived from the original on 2018-06-28. Retrieved 2018-06-28.
  4. ↑ "BRIEF-Realpage To Acquire Clickpay For $218.5 Mln". www.reuters.com. April 20, 2018. Archived from the original on 2018-06-28. Retrieved 2018-06-28.
  5. ↑ "RealPage makes another purchase – and this time it's a Texas technology firm". realpage.com. Archived from the original on 2022-09-02. Retrieved 2019-07-29.
  6. ↑ "RealPage to Acquire Buildium". realpage.com. Archived from the original on 2020-07-10. Retrieved 2020-07-07.
  7. ↑ "RealPage to Acquire Modern Message". finance.yahoo.com. Archived from the original on 2020-02-06. Retrieved 2020-02-06.
  8. ↑ "RealPage acquires real estate IoT startup Stratis". techcrunch.com. 31 August 2020. Archived from the original on 2020-09-04. Retrieved 2020-09-03.
  9. ↑ Lombardo, Miriam Gottfried and Cara (2020-12-21). "WSJ News Exclusive | Thoma Bravo Agrees to Buy RealPage for $9.6 Billion". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2020-12-21. Retrieved 2020-12-22.
  10. ↑ "Thoma Bravo Completes Acquisition of RealPage" (Press release). Business Wire. Archived from the original on 2021-04-23. Retrieved 2021-04-22.
  11. ↑ "RealPage® Acquires WhiteSky Communications". Business Wire. 4 January 2021. Archived from the original on 2021-01-04. Retrieved 2021-01-04.
  12. ↑ "Rent Going Up? One Company's Algorithm Could Be Why". propublica.org. Archived from the original on 2022-10-15. Retrieved 2022-10-15.
  13. ↑ Roth, Emma (26 November 2022). "The DOJ is reportedly investigating rent-setting software company RealPage". The Verge. Archived from the original on 26 November 2022. Retrieved 26 November 2022.


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