RealPage’s year of expansion continues.
Earlier this year, RealPage, a provider of software and data analytics to the real estate industry, announced that it was expanding its apartment data offerings by acquiring Axiometrics, a provider of apartment market data, for $75 million.
At the same time, RealPage announced that it entered into a “long-term” deal with Real Capital Analytics, a provider of multifamily sales transaction data and analytics.
Then, in February, RealPage announced that it planned to acquire Lease Rent Options and related assets from The Rainmaker Group for $300 million in cash.
And the company isn’t done yet.
RealPage announced Monday that it is acquiring American Utility Management, a provider of utility and energy management solutions for the multifamily housing industry.
According to RealPage, the purchase price for AUM is approximately $70 million.
Upon completion of the deal and successful integration of AUM into RealPage’s operations, RealPage’s Resident Utility Management platform will be providing billing, invoice processing and bill payment services to more than 2.5 million rental units.
In a release, Steve Winn, the chairman and CEO of RealPage, said that the AUM acquisition continues the company’s plan for growth.
“I am excited to join forces with the AUM team. We believe this acquisition will provide more scale to our resident billing operations, lowering our costs to deliver the platform so we can focus on improving innovation and product quality for our clients,” Winn said
“By combining data captured by RealPage with the data available from AUM, we expect to create the largest and most accurate database of utility consumption and cost data in the industry,” Winn continued. “Generating actionable insights from that data is what RealPage does best. This is another example of how our data analytics capabilities and depth of real-time data can help owners optimize yields on their real estate assets.”
Winn also said that RealPage will be adding approximately 200,000 new rental units as part of the deal.
RealPage said that it expects the acquisition to contribute approximately $15 million in revenue in 2017.
Under the terms of the deal, the AUM team will report to Jason Lindwall, RealPage’s senior vice president, property management solutions.
“As part of RealPage, we will expand the scope of solutions that we can offer to our clients including vastly expanded meter installation and maintenance capabilities. RealPage will continue to support the billing engine and customized billing methods used by our clients,” Michael Miller, the president and CEO of AUM said. “AUM personnel have been hired by RealPage so that there will be no disruption in service and RealPage intends to expand processing volume through our Chicago service center.”