RealPage Grows Business Intelligence Services With $57M Buy
San Francisco-based Rentlytics provides owners and operators with normalized data across multiple third-party systems, resolving system incompatibility, data accuracy issues and time-to-analysis delays. The deal will add approximately 200,000 new units of real time data to RealPage’s data analytics platform.
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RICHARDSON, TX— RealPage, Inc., a provider of software and data analytics to the real estate industry, announced today it has entered into an agreement to acquire Rentlytics for $57 million. The pending deal when closed will expand the company’s business intelligence and performance analytics platform by nearly 900,000 additional multifamily units.
San Francisco-based Rentlytics provides owners and operators with normalized data across multiple third-party systems, resolving system incompatibility, data accuracy issues and time-to-analysis delays. The deal will add approximately 200,000 new multifamily units of real time data to RealPage’s data analytics platform.
The transaction is expected to close sometime next week.
Rentlytics has developed a new product called “Renovation Manager” that helps manage renovation workflow and provides better visibility into per-unit and per-property yields achievable through renovations. More than 10,000 properties are under renovation in the U.S. today as owners stretch for higher rental yields. RealPage intends to begin marketing this product to its clients immediately upon completion of the acquisition.
“Rentlytics expands our data footprint in the multifamily industry, thereby improving our benchmarking and precision forecasting capabilities,” says Steve Winn, chairman and CEO of RealPage. “We intend to combine the real time data that Rentlytics has assembled with our existing business intelligence and data analytics platform, and offer the industry a more powerful, high precision tool to measure financial and operating performance.”
RealPage, which was founded in 1998 and is headquartered in Richardson, TX, expects the acquisition of Rentlytics to contribute revenue of approximately $1.5 million and to contribute immaterially to its 2018 adjusted EBITDA during the three-month period ending Dec. 31, 2018. In addition, RealPage expects Rentlytics to contribute revenue of approximately $9 million during the full year ending Dec. 31, 2019, representing growth of 35%.
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