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RealPage continues expanding, agrees to buy On-Site for $250 million

Acquiring leasing and marketing platform for rental properties

This year really is turning out to a year of expansion for RealPage, as for the fourth time in 2017, RealPage, a provider of software and data analytics to the real estate industry, announced that it is is acquiring another company.

Earlier this year, RealPage announced that it was expanding its apartment data offerings by acquiring Axiometrics, a provider of apartment market data, for $75 million.

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 in June, RealPage announced that it was acquiring American Utility Management, a provider of utility and energy management solutions for the multifamily housing industry, for $70 million.

But the company isn’t done yet.

RealPage announced Wednesday that it is acquiring “substantially all of the assets” of On-Site Manager for approximately $250 million in cash.

That brings RealPage’s total expansion expenditures for 2017 to just shy of $700 million.

On-Site is a leasing platform that provides community marketing, renter qualification, lease contract generation with e-signatures and online document storage for property managers and landlords for both multifamily and single-family housing.

According to RealPage, On-Site’s offerings are similar to RealPage’s, and the company said that it plans to continue supporting the On-Site platform.

Eventually, RealPage will combine the “best” features of its and On-Site’s platforms, the company said.

The companies said each of their client bases will benefit from future enhancements with no disruption.

According to RealPage, acquiring On-Site will add real-time consumer credit, demographic and sociographic data for 1.9 million units to the RealPage Data Analytics platform, which should improve the accuracy of the company’s models that are used to calculate depth of demand by price point.

“On-Site manages the entire leasing process from lead assimilation, to applicant screening, to the final generation of signed lease documents. The acquisition increases our screening footprint and adds incremental consumer-oriented data that will benefit our data analytic solutions,” Steve Winn, the CEO of RealPage, said.

“Most importantly, On-Site will significantly improve the integration of our leasing solutions into major property management systems such as Yardi, MRI and AMSI,” Winn continued. “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.”

Bryan Hill, RealPage’s chief financial officer and treasurer, also noted that the company is expecting to add 700,000 new rental units to its platform through the acquisition, which should present “considerable cross-sell opportunities” for RealPage.

Monte Jones, the president of On-Site, said that the acquisition will allow the company to grow its platform.

“We are excited to become part of a much larger organization with the resources to vastly expand our platform,” Jones said.

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