Private equity firm Thoma Bravo said it's buying RealPage Inc. in an all-cash deal that values the Texas-based real estate software company at $10.2 billion, including debt.
Chicago-based Thoma Bravo is paying RealPage stockholders $88.75 in cash per share of RealPage common stock. The purchase price is a premium of 30.8% over RealPage’s closing stock price of $67.83 on December 18. RealPage makes software used by owners and managers of rental properties.
“RealPage’s industry leading platform is critical to the real estate ecosystem and has tremendous potential going forward. 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," said Orlando Bravo, founder and a managing partner of Thoma Bravo, in a statement.
After the deal closes, RealPage will continue to be led by Chairman and CEO Steve Winn and the existing RealPage leadership team based in Richardson, Texas.
The Wall Street Journal reported that this is Thoma Bravo's largest acquisition to date, and that the company manages more than $70 billion in assets.
Earlier this month it was reported that Thoma Bravo purchased a majority stake in software firm Flexera for $2.85 billion.
