RealPage is an American

multinational corporation A multinational company (MNC), also referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation or a stateless corporation with subtle but contrasting senses, i ...

that provides

property management Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monit ...

software for the multifamily, commercial, single-family and vacation rental housing industries. Dana Jones is Chairman of the Board & Chief Executive Officer. In October 2022,

ProPublica ProPublica (), legally Pro Publica, Inc., is a nonprofit organization based in New York City. In 2010, it became the first online news source to win a Pulitzer Prize, for a piece written by one of its journalists''The Guardian'', April 13, 2010 ...

reported that landlords use RealPage's asset optimization algorithm called YieldStar (later rebranded as AI Revenue Management) to increase rents throughout the United States, naming its users an illegal cartel that encouraged participants to withhold rental units from the market. Overwhelmingly, approximately 90% of property managers/landlords approve price change suggestions by the software. RealPage's software strongly discourages landlord users from negotiating asking rent prices with tenants.

History

RealPage was founded in 1998 with the acquisition of Rent Roll, Inc., a provider of on-premises property management systems for the conventional and affordable multifamily rental housing markets. RealPage moved its corporate headquarters to

Richardson, Texas Richardson is a city in Dallas and Collin counties in the U.S. state of Texas. As of the 2020 United States census, the city had a total population of 119,469. Richardson is an inner suburb of the city of Dallas. It is home to the University ...

in 2016, and in 2017 acquired four companies — apartment market data provider Axiometrics, utility and energy management company American Utility Management, revenue management and pricing provider Lease Rent Options and also On-Site, a leasing and marketing platform company. In 2018, RealPage announced an agreement to purchase electronic payment platform company ClickPay, located in

Hackensack, New Jersey Hackensack is a city in and the county seat of Bergen County, New Jersey, United States.New Jer ...

. In July 2019, RealPage acquired utility management company SimpleBills. In December 2019, RealPage acquired

Buildium Buildium is an American property management software company. It was founded in 2004 and headquartered in Boston, Massachusetts, providing cloud-based ( software as a service), real estate software. Its property management software allows ...

. In January 2020, RealPage has agreed to acquire Modern Message, Inc. In September 2020, RealPage acquired real estate loT startup Stratis. In December 2020, private-equity firm

Thoma Bravo Thoma Bravo, LP, is an American private equity and growth capital firm with offices in San Francisco, Chicago and Miami. It is known for being particularly active in acquiring software companies and has over $114 billion in assets under managem ...

announced it would acquire RealPage for $9.6 billion, paying $88.75 per share for the company, a premium of 31% for their closing prices at the time. Its shares were reported up 26% that year. The acquisition completed in April 2021. In January 2021, RealPage acquired bulk Internet provider WhiteSky. In November 2022, the

United States Department of Justice The United States Department of Justice (DOJ), also known as the Justice Department, is a United States federal executive departments, federal executive department of the United States government tasked with the enforcement of federal law and a ...

's Antitrust Division opened an investigation into RealPage, which is accused of contributing to higher rent prices throughout the United States. The company's YieldStar software uses an algorithm to "help landlords push the highest possible rents on tenants."

References

1998 establishments in Texas 2021 mergers and acquisitions Business software companies Property management companies Software companies based in Texas Companies based in Richardson, Texas Companies formerly listed on the Nasdaq Software companies established in 1998 Software companies of the United States American companies established in 1998 Private equity portfolio companies {{US-software-company-stub