Thoma Bravo to buy property tech company RealPage for $10.2 billion

Private equity firm, Thoma Bravo, has reportedly announced its plans of purchasing RealPage for approximately $10.2 billion.

In RealPage, the leading private equity firm would be getting a complete service property management platform with services such as financial analysis, renter portals, expense management, site management for building as well as property owners. Founder and a managing partner of Thoma Bravo, Orlando Bravo, sees a firm that they could work with as well as build on its prior track record. 

In an official statement, Thoma Bravo stated that the industry leading platform of RealPage is critical to the real estate environment and also has enormous potential moving ahead.

Steve Winn, CEO, RealPage, stated that the acquisition would enhance the ability of the firm to focus on executing its long-term strategy along with delivering much better products & services to its partners and potential clients.

Founded in the year 1988, RealPage went public back in 2010, and is the type of mature platform that a leading private equity firm like Thoma Bravo is fascinated with. RealPage has a robust customer base with nearly 12,000 customers as well as a decent revenue, increasing at a moderate pace. In its latest statement regarding earnings, the firm declared approximately $298.1 million in revenue, up 17% YOY. This puts it on a run rate of nearly $1 billion.

Under the terms of the agreement, Thoma Bravo would pay the stockholders of RealPage nearly $88.75 in cash per share, representing a premium of 30% over the $67.83 closing price on 18th December. The RealPage board would have a 45 day go shop period to see if it could solicit a higher price. Given the best pricing of this deal, that is not possible, but it would at least have the opportunity of trying.

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