Real estate technology platform and payment facilitator RealPage is slated for another acquisition with property management solution Buildium. This will mark number six that RealPage has announced in the last two years, according to Crunchbase.
Currently riding a prolific acquisition wave that includes the likes of LeaseLabs, ClickPay and Rentlytics (just to name a few), RealPage intends to enhance platform capabilities with its most recent addition of Buildium.
Trageting the SMB market segment and expecting applicable revenue to “increase significantly” with the updates, the company plans to enhance Buildium’s already noteworthy platform with “click-on” capabilities to increase payment processing options, expand and improve insurance offerings and recovery of utility fees, as well as enhance the renter leasing experience, according to the press release.
“The SMB market segment represents a tremendous growth opportunity for RealPage,” said RealPage CEO and Chairman Steve Winn via the same release. “This is an area where technology is underutilized, and currently served by myriad point products. Buildium in concert with RealPage enables us to reach deeper into that market, with a best-in-class platform backed by data science.”
Buildium expects to have generated more than $60 million in revenues by the end of the year, it said, representing a 30% year-over-year growth rate. RealPage plans to acquire the company for an initial cash price of $580 million.
And according to Buildium CEO Chris Litster, the timing of the acquisition is perfect. “Our shared vision around innovation, simplicity and a commitment to stressing service to our clients will enable them to thrive and grow as well as deliver unmatched value for their investors, owners and residents alike,” said Litster in the same release.