M&A / FundingProptechReal Estate

Thoma Bravo acquires RealPage for $10.2 billion

Comes after Thoma Bravo's August sale of Ellie Mae to Intercontinental Exchange

Private equity investment firm Thoma Bravo will acquire proptech company RealPage in a transaction valued at approximately $10.2 billion, including net debt, according to a release.

The transaction, which was unanimously approved by the RealPage board of directors, is expected to close during the second quarter of 2021 and will make RealPage a privately held company. Under terms of the agreement, RealPage stockholders will receive $88.75 in cash per share.

RealPage plans to continue operating under its Chairman and CEO Steve Winn and the existing RealPage leadership team in Richardson, Texas.

“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 said.

“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,” Winn said. “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.”

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In 2019, Thoma Bravo acquired Ellie Mae for $3.7 billion and then sold it in August 2020 to Intercontinental Exchange for approximately $11 billion.

RealPage has had a busy year in the acquisition space. In January, the company acquired multifamily real estate engagement solution Modern Message. In September, RealPage entered the smart building space and paid an undisclosed amount to acquire Stratis IoT, a property management tech firm based in Philadelphia.

“RealPage’s industry leading platform is critical to the real estate ecosystem and has tremendous potential going forward,” said 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,” Bravo said. “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.”

Also on Monday, Thoma Bravo said it was taking a majority position in Zipari, a company that offers a digital platform for the health insurance industry. The investment – which values the company at more than $500 million – will help Zipari acquire Indianapolis-based Healthx and expand its reach to third-party administrators.

Mark Nathan, founder and CEO of Zipari, will continue to lead the business. The company will remain headquartered in Brooklyn, New York.

“Zipari will now serve nearly 200 clients with a suite of more than 20 products designed to help payers lower healthcare costs and improve ROI by ensuring an efficient and meaningful connection between payers, members and providers,” the company said in a statement.

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