RealPage’s recent acquisition streak was extended this week when the software and data analytics provider announced that it's acquiring “substantially all of the assets” of On-Site Manager for approximately $250 million in cash.
Campbell, Calif.–based On-Site is a leasing platform for property managers and renters that assimilates leads from any source and converts them into signed leases for both the multifamily and single-family housing industries. Its platform offers solutions similar to RealPage’s screening and document management business and also includes prospect and resident portals, online and on-premise leasing, payment processing, and e-signature lease execution.
RealPage intends to continue supporting the On-Site platform and expects to combine the best features of its own and On-Site’s platforms over time.
“We remain steadfast on offering the rental housing industry the best technology platform to manage their operations, whether through organic or inorganic innovation,” said Rhett Butler, vice president of investor relations for RealPage, in an e-mailed statement to MFE. “This acquisition significantly improves lease-management integration into major property management systems and increases our screening footprint. Additionally, it adds incremental consumer-oriented data that will continue to improve our industry-leading data analytics solutions. From a financial standpoint, we also expect to benefit from the strong operating synergies, which collectively get us closer to hitting our 2020 financial objective of $1 billion in revenue.”
The acquisition marks RealPage’s fourth this year—the company announced its purchase of Axiometrics, in January; Lease Rent Options, in February; and American Utility Management, in June.
Bryan Hill, CFO and treasurer of RealPage, said in a release that “considerable cross-sell opportunities exist, as On-Site is heavily penetrated into property management solutions offered by our competitors, and we expect to add 700,000 new rental units.”
Monte Jones, president of On-Site, said in a release that his company is excited to become part of “a much larger organization with the resources to vastly expand our platform.”
In the same release, Steve Winn, CEO of RealPage, offered a similarly positive perspective. “On-Site will significantly improve the integration of our leasing solutions into major property management systems such as Yardi, MRI, and AMSI. By combining forces with On-Site, we believe RealPage will possess the best leasing and marketing platform for all multifamily and single-family owners and operators, not just those using RealPage property management solutions.”
