Thoma Bravo Buys RealPage for $9.6B

Issue 50

12.21.20 - Private-equity firm Thoma Bravo has struck a deal to buy property-management-software provider RealPage for $9.6 billion, in one of the largest recent leveraged buyouts.

Thoma Bravo is paying $88.75 per share for the company, a 31% premium to RealPage’s closing price Friday of $67.83, officials at the firms said.

Richardson Texas based RealPage provides a technology platform used by owners and managers of rental properties. Tenants might pay their rent or submit a maintenance request using RealPage’s software. The company also keeps a database of real-time lease transactions, allowing users to leverage that data for market forecasting something that could have widely demanded use cases. Its shares are up 26% this year.
“We were able to do quite well during the pandemic because there was a rush by our industry to go virtual, and we were one of the platforms that did that,” RealPage CEO Steve Winn said in an interview.

Source: Wall Street Journal