RealPage has announced that it has entered into a definitive agreement to be acquired by private equity investment firm Thoma Bravo. The all-cash transaction values RealPage at approximately $10.2 billion, including net debt.
The company is expected to continue operating under its current leadership team, including chairman and CEO Steve Winn. “We believe this transaction will provide immediate and substantial value to RealPage stockholders, reflecting the tremendous work that our employees have done to build this company,” Winn says. “I am immensely proud of that work and also pleased that the transaction will provide us the opportunity to work with Thoma Bravo, a firm with tremendous software investment and operational capabilities. This will enhance our ability to focus on executing our long-term strategy and delivering even better products and services to our clients and partners.”
Under the agreement’s terms, RealPage’s stockholders will receive $88.75 in cash per share of common stock when the transaction closes, or a 30.8% premium over the company’s closing stock price of $67.83 on Dec. 18. The RealPage board of directors has unanimously approved the acquisition agreement, and recommends that RealPage’s stockholders vote in favor of the agreement at the upcoming special stockholder meeting.
“RealPage’s industry leading platform is critical to the real estate ecosystem and has tremendous potential going forward,” says Orlando Bravo, founder and a managing partner of Thoma Bravo. “Our firm has a track record of acquiring cutting-edge software providers to specialized industries and driving their innovation and growth while remaining true to their core business and customers. Together, RealPage and Thoma Bravo can partner to grow the company’s market offerings and enhance its current capabilities to capitalize on the increasingly complex and expanding real estate market.”