Private equity firm Thoma Bravo LP has entered into an agreement to purchase property management software provider RealPage Inc. for $ 9.6 billion, in one of the largest leverage acquisitions recently.
Thoma Bravo pays $ 88.75 per share for the company, a 31% premium over RealPage’s closing price of $ 67.83 on Friday, company officials said.
Realson, based in Richardson, Texas, offers a technology platform used by rental property owners and administrators. Tenants can pay their rent or submit a maintenance request using RealPage software. The company also maintains a database of real-time leasing transactions, allowing it to predict where markets are heading.
Its shares have risen 26% this year.
“We managed to do pretty well during the pandemic because our industry was in a hurry to become virtual and we were one of the platforms that did that,” RealPage CEO Steve Winn said in an interview.