This month, Carrollton, Texas-based multifamily technology firm RealPage announced its hire of Michael Britti as senior vice president of the company’s newly formed mergers and acquisitions group. Britti will immediately assume all major RealPage M&A efforts from RealPage founder and CEO Steve Winn.
“The idea is to have someone coordinate all M&A activities for RealPage without Steve having to take care of it personally,” Britti said in an interview this week with Multifamily Executive. “We are thinking through what we are doing for innovation, not only new product offerings that have yet to be created but also looking for other innovative companies that could be merger possibilities and figuring out a way to get them to become a part of what we do.”
Britti says that RealPage intends to expand its platform by increasing its presence in new markets as well as adding new functionalities to its core suite of Web-based multifamily services. “We’d like to expand into all the areas of rental housing that exist out there, including student housing, affordable, and senior housing,” Britti says. “Over time, it makes logical sense for RealPage to provide services in those industries, as well as continuing to add in systems innovations that we don’t currently provide today.” Britti says the M&A team will be working on a shortlist of those innovations—including possible acquisition targets—over the next two months.
RealPage’s last notable deal was the October 2008 acquisition of San Francisco-based OpsTechnology, a multifamily electronic purchasing marketplace and provider of spend management software and services. On Jan. 1, 2009, Henry Pye and a core group of tech executives from JPI's Resident Solutions team left the firm to form a Resident Technology Solutions group within the Velocity division of RealPage.
Britti brings 20 years of multifamily deal experience to RealPage, including asset acquisition and disposition experiences as a real estate investment trust vice president at both Archstone and National Housing Partnerships. Britti additionally orchestrated the founding of CreditRetriever and RentPort prior to the merger of those companies with TransUnion’s Rental Screening Solutions division based in Chicago.
"The formation of a mergers and acquisitions group strengthens our ongoing commitment to the multifamily industry," Winn said in a statement announcing Britti’s hiring. "With Michael leading our M&A efforts, we will continue to look for opportunities to expand the innovative solutions that we provide to our customers."