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RealPage continues growth, plans $100M acquisition of LeaseLabs

Latest deal pushes total outlay for acquisitions since 2017 to more than $1B

RealPage, a provider of software and data analytics to the real estate industry, has been on quite the run of acquisitions in the last 18 months or so, acquiring five different companies as it seeks to grow its empire.

And the company’s not done yet.

RealPage announced late Thursday that it is planning to acquire LeaseLabs, a provider of digital marketing services and software to approximately 800,000 units in the multifamily housing industry, in a $100+ million deal.

The acquisition will be RealPage's sixth such deal since January 2017 and pushes the company’s total outlay for its expansion over $1 billion.

Last year, RealPage announced that it was expanding its apartment data offerings by acquiring Axiometrics, a provider of apartment market data, for $75 million. Then, RealPage announced that it planned to acquire Lease Rent Options and related assets from The Rainmaker Group for $300 million in cash.

After that, 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.

Then, RealPage announced that it was acquiring “substantially all of the assets” of On-Site Manager for approximately $250 million. And earlier this year, RealPage announced that it was acquiring ClickPay, an electronic payment platform servicing 2.3 million units across the multifamily, HOA, condominium and co-op segments of real estate, in a $218 million deal.

And now, the company is set to grow again, this time in its marketing services business.

In a release, RealPage said that the deal is “expected to extend the RealPage marketing platform by adding marketing analytic services, creative content design, direct marketing through social media channels, reputation management and geo-targeting solutions.”

According to RealPage, it will combine LeaseLabs services, which include content design, marketing analytic services, social media marketing, email marketing, website development, and SEO services, with its own marketing services, which include content management, digital photo rights, and lead management, to launch a new offering called the “Go Direct Marketing Suite.”

In a release, RealPage said that the deal includes an acquisition of “substantially all” LeaseLabs’ assets for an initial purchase price of approximately $103 million in cash and stock, plus an “earn out provision payable in cash of up to approximately $14 million” if certain financial objectives are met.

“LeaseLabs is an innovator of digital marketing solutions for multifamily operators, and RealPage plans to continue to invest in LeaseLabs as a hub of digital marketing innovation, strategy, and organic brand execution,” Ashley Glover, RealPage’s chief operating officer, said. “The acquisition of LeaseLabs and launch of the Go Direct Marketing Suite enables us to address the emerging change in spending patterns as our clients shift marketing spend away from indirect lead sources and build long-term equity value in their brand.”

The company’s run of acquisitions is helping to buoy RealPage’s business.

The company also announced Thursday that it turned in $216.3 million in total revenue in the second quarter, an increase of 34% over the same time period last year. RealPage’s net income came in at $8.5 million, a 36% increase over 2017’s second quarter.

RealPage Chairman and CEO Steve Winn said the company is well on its way to its goal of $1 billion in revenue in the year 2020.

“Second quarter financial results were strong and underscore continued focus on our ‘North Star’ strategy,” Winn said.

“We expect to continue to deliver major innovation across all four product families. The pending acquisition of LeaseLabs, the release of unified sign-on and user management capabilities, the release of Kigo Hospitality, and the access to a significant amount of RealPage market and asset level data free of charge, are all derived from an intense focus on innovation,” Winn added. “We expect these development initiatives, combined with our M&A program, to drive RealPage towards, and beyond, our 2020 revenue goal of $1 billion.”

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