Capping a nine-year effort to combine forces, Carrollton, Texas-based multifamily software and technology services company RealPage announced the acquisition of San Francisco-based multifamily electronic purchasing software provider OpsTechnology at the Multifamily Executive Conference in Las Vegas on Oct. 14.
As part of the acquisition, OpsTechnology will become a wholly-owned subsidiary of RealPage. OpsTechnology president and founder Sukhi Singh will continue to manage day-to-day operations. Current employees will remain with the company and continue to work out of its San Francisco office. Financial terms of the acquisitions were not made available.
"It was a no-brainer," says RealPage CEO Steve Winn. "OpsTechnology has a well established national footprint, and as RealPage clients evolve and require more capabilities, we're turning more towards the operational sides of the business that OpsTechnology addresses."
Winn said that he and Singh had been discussing acquisition possibilities since 1999, and growth in both companies finally enabled the purchase that he's been pushing even harder for since 2007. "I would have made the deal a year ago," Winn said. "We've known for some time that we were 100 percent compatible, that we thought about the industry in the same way. We just never got the economics to work. Since then, Ops has been growing, RealPage has been growing, our paths again crossed, and the shareholders said yes."
OpsTechnology is wasting no time leveraging the RealPage brand and distribution network. The business unit is set to launch two new products?OpsBid and OpsWork?some time in 2009. OpsBid is a bidding and project management system that will primarily manage larger capital and rehab-related purchases, while OpsWork is a facilities management system developed to assist maintenance technicians with the management of work orders and unit turn make-readies.
"We're excited to be a part of this distribution platform and also to have the brand and the engine of RealPage behind us," Singh said. "We've both been focused on multifamily like a laser since inception, and for RealPage and OpsTechnology customers, shareholders, and employees, it makes sense all the way around."
Winn describes continued integration of OpsTechnology modules as a "piece of cake" and says customers should expect little disruption regardless of their primary systems provider. Users of RealPage's OneSite purchasing software are also not expected to face disruption and will be offered increased functionality with the OpsBid and OpsWork modules.
RealPage is using the acquisition of OpsTechnology to launch the company's Real Page News Network. The online network will feature videos filmed at a corporate studio. A seven-minute interview with Winn and Singh is currently featured at the RNN site.