Real estate tech company RealPage has been on an acquistion tear of late, shelling out more than $1 billion to acquire several other companies in the real estate tech space. And now, RealPage is at it again.
RealPage announced Friday that it agreed to buy software-as-a-service company Rentlytics for $57 million, its seventh acquisition since January 2017.
“Rentlytics expands our data footprint in the multifamily industry, thereby improving our benchmarking and precision forecasting capabilities,” RealPage Chairman and CEO Steve Winn said in a statement.
“We intend to combine the real time data that Rentlytics has assembled with our existing business intelligence and data analytics platform, and offer the industry a more powerful, high precision tool to measure financial and operating performance,” he added.
The acquisition of Rentlytics will increase the company’s business intelligence and analytics platform by roughly 900,000 multifamily units.
“The current Rentlytics platform is a true value-add to owners and operators, and we expect to continue to support it. Over time, we believe a combined RealPage and Rentlytics solution will offer an even more compelling advantage to clients,” RealPage Senior Vice President of Asset Optimization Keith Dunkin said in a statement.
“I am excited to welcome Rentlytics to our family, and look forward to utilizing Justin’s considerable expertise as we integrate our two platforms,” he added.
The increase in available data will help RealPage sharpen its predictive analytics and optimization tools. Additionally, RealPage will now have the ability to leverage Rentlytics proprietary renovation management technology, a valuable tool in a market obsessed with value-add deals.
“I founded Rentlytics with the vision of connecting people and the technologies in our industry to the data that they need to make decisions,” Rentlytics CEO Justin Alanis said in a statement.
“I am proud of the progress that our team has made towards achieving that goal and the clients that we have serviced. I discovered that RealPage shares our vision of the power of data, and believe that, by combining our unique platforms, we can accelerate the development of first-in-class analytics solutions for our clients,” he added.
Proptech and fintech geared for real estate have been drawing a lot of investor attention over the last few months, and RealPage has been part of that trend, making aggressive moves to rapidly increase its market share through acquisitions. In the last couple of years, the company has been snapping up other multifamily-management-related tech companies left and right, the most recent of which was the $100 million purchase of LeaseLabs in September.