Software and data analytics provider RealPage entered into a definitive agreement to acquire Knock CRM, a customer relationship management (CRM) and front office technology provider in the multifamily industry. According to the companies, the acquisition combines Knock’s suite of products with RealPage’s expertise in AI, yield management, and smart property management solutions.
“Acquiring Knock accelerates our strategy to deliver a next-generation front office platform that supports centralized leasing,” said Dana Jones, CEO of RealPage. “Today’s market conditions are driving property owners and operators to rethink operations to drive efficiency. Together with Knock, RealPage will meet our customers’ needs with a connected platform that enables an AI-driven virtual operating model.”
Together, RealPage and Knock will create an operating platform to maximize net operating income for the multifamily sector’s multitrillion dollar asset class, according to the companies.
Knock, founded in 2014, has scaled its core CRM product to serve millions of apartment units across North America with an integrated suite of front office technology, providing multifamily owners and operators the capabilities needed to acquire and retain residents more profitably. The company’s API-first platform easily integrates into a property management system (PMS) and Knock said it will maintain this flexibility as it becomes part of RealPage’s open, PMS-agnostic front office platform.
“Real Page and Knock share an identical vision for a truly connected and intelligent front office. Together we will realize this vision faster, and the combination will enable us to go even further on our commitment to delivering both the technology and customer service our customers need to offer a best-in-class prospect-to-resident experience,” said Knock CEO and co-founder Demetri Themelis.
The transaction is subject to customary closing conditions and is expected to close in the coming days.
