A local real estate industry-focused software and data analytics giant has acquired another North Texas tech startup.
Richardson-based RealPage announced it has acquired Dallas-based tech firm Modern Message. Financial terms of the transaction were note disclosed. However, as part of the deal, Modern Message will be moving its workforce and operations from downtown to RealPage’s offices off of the Telecom corridor on Highway 75.
The deal is subjected to undisclosed closing conditions, which RealPage expects to be met and closed in the following week.
“This is a great time to become part of the RealPage team,” said Modern Message co-founder John Hinckley in a prepared statement. “We are also looking forward to exploring new opportunities that may arise from the combined platform. It’s beyond exciting.”
"This is a great time to become part of the RealPage team."
Modern Message was founded in 2012 and launched in 2013 by Hinckley and co-founder Michael Ivey. According to Chrunchbase.com, the company has received more than $2.5 million in total funding, with the majority coming from its 2017 $2 million Series A led by Paris-based AXA Venture Partners. The company has about 70 employees.
According to the Dallas Business Journal, Modern Message is also ranked No. 77 among the fastest-growing companies in the region, according to a 2019 list compiled by the Caruth Institute for Entrepreneurship at the SMU Cox School of Business.
Modern Market runs a resident reward program platform called Community Rewards that is focused on advocacy marketing, where resident garner rewards by promoting their multifamily community on social media platforms. The company says its software boosts property retention and value.
RealPage was founded in 1998 and is led by Chairman and CEO Steve Winn. According to Crunchbase, the multifamily property management software company has made more than 39 acquisitions since its launch, including at least four last year.
“Modern Message provides a unique boost to our already powerful resident engagement platform,” said Jon Pastor, senior VP of consumer solutions at RealPage, in a prepared statement. “In short, we will be able to offer clients and residents the full potential of a resident portal.”
RealPage plans to integrate Modern Massages’ Community Rewards technology into its ActiveBuilding residential platform, which allows users to engage in payments, communication and monetization of renatbles and amenities.
According to RealPage, the acquisition and merger will “round out” its ActiveBuilding platform by increasing engagement solutions through enhancing communication between resident and landlord, and also by boosting data-driven solutions for engagement and reputation, among other things.
“We immediately saw that RealPage shared our vision for resident engagement and loyalty,” said Ivey in a prepared statement.
