RealPage To Acquire Online Leasing Platform On-Site

Error message

  • Notice: Undefined index: taxonomy_term in similarterms_taxonomy_node_get_terms() (line 518 of /home/rentalho/public_html/sites/all/modules/similarterms/similarterms.module).
  • Notice: Undefined index: taxonomy_term in similarterms_taxonomy_node_get_terms() (line 518 of /home/rentalho/public_html/sites/all/modules/similarterms/similarterms.module).
  • Notice: Undefined offset: 0 in similarterms_list() (line 221 of /home/rentalho/public_html/sites/all/modules/similarterms/similarterms.module).
  • Notice: Undefined offset: 1 in similarterms_list() (line 222 of /home/rentalho/public_html/sites/all/modules/similarterms/similarterms.module).
The Editors's picture
RealPage To Acquire Online Leasing Platform On-Site

Property management software company RealPage is acquiring the assets of On-Site Manager, a leasing platform for property managers and renters, for $250 million in cash, according to a release.

The On-Site platform  assimilates leads from any source and converts them into signed leases for both the multifamily and single-family housing industries. On-Site platform offers solutions similar to RealPage’s screening and document management business, and also includes prospect and resident portals, online and on premise leasing, payment processing, and eSignature lease execution solutions, according to the release.

RealPage intends to continue supporting the On-Site platform and expects to combine the best features of its On-Site’s platforms over time. Clients on each platform will benefit from future enhancements with no disruption, according to the release.

Highlights of the deal

  • Significantly improves lease management integration into major property management systems such as Yardi®, MRI® and AMSI®.
  • Adds real-time consumer credit, demographic and sociographic data for 1.9 million units to the RealPage Data Analytics platform – improving the accuracy of models used to calculate depth of demand by price point.
  • Extends RealPage’s leasing platform to include a complete library of leasing forms in most states for both multifamily and single-family owners and operators.
  • Adds approximately 700,000 new units, opening up significant cross-selling opportunities for other solutions that collectively form the RealPage platform.
  • Offers significant opportunity for operating synergies given the scale and overlap of the combined organization.

“On-Site manages the entire leasing process from lead assimilation, to applicant screening, to the final generation of signed lease documents,” Steve Winn, CEO of RealPage, said in the release.

“The acquisition increases our screening footprint and adds incremental consumer-oriented data that will benefit our data analytic solutions. Most importantly, On-Site will significantly improve the integration of our leasing solutions into major property management systems such as Yardi, MRI and AMSI.

“By combining forces with On-Site, we believe RealPage will possess the best leasing and marketing platform for all multifamily and single family owners and operators, not just those using RealPage property management solutions,” Winn said.

On-Site the gold standard for online leasing generation

“On-Site is considered the gold standard for online lease document generation and frictionless integration with any property management system,” Monte Jones, On-Site President said in the release. “We are excited to become part of a much larger organization with the resources to vastly expand our platform.”

RealPage CFO and Treasurer Bryan Hill said in the release, “The combination is a compelling strategic fit and advances us closer to our 2020 financial objective of $1 billion in revenue and 30% adjusted EBITDA margin.

“We expect to benefit from strong operating synergies driving a purchase price valuation of 10 times adjusted EBITDA as we exit 2018. We also believe considerable cross-sell opportunities exist as On-Site is heavily penetrated into property management solutions offered by our competitors and we expect to add 700,000 new rental units,” Hill said.

Vista Point Advisors, a San Francisco based boutique investment bank, acted as the exclusive financial advisor to On-Site.

Financial and Operational Highlights

The completion of the acquisition remains subject to certain standard conditions, including the completion of regulatory review.

About RealPage:

RealPage is a leading global provider of software and data analytics to the real estate industry. Clients the our platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves nearly 11,500 clients worldwide from offices in North America, Europe and Asia.

Rate this article: 
Average: 5 (1 vote)