Software provider expands spend management software and services for multifamily owner
(October 15, 2008) — RealPage, Inc., a leading provider of on-demand software and services to the multifamily industry, today announced the acquisition of OpsTechnology, the largest electronic purchasing marketplace for multifamily owners, at the Multifamily Executive Conference in Las Vegas.
OpsTechnology will become a wholly owned subsidiary of RealPage. Sukhi Singh, president and founder, will continue to manage day-to-day operations. Current employees will remain with the company and continue to work out of its San Francisco-based office.
“The combination of OpsTechnology and RealPage will make both companies stronger,” remarked Steve Winn, president and CEO of RealPage. “Both organizations deliver a wide range of applications in an on-demand platform, which makes them extremely compatible and beneficial to multifamily owners.”
“This is an exciting opportunity because it strategically positions OpsTechnology in the hands of a larger technology company with greater marketing reach and broader access to multifamily owners and property management companies,” commented Sukhi Singh, president of OpsTechnology. “By aligning with RealPage, we will be able to offer many new and innovative products to the industry.”
OpsTechnology currently offers three on-demand products designed to improve efficiencies and reduce costs for multifamily companies by improving their ability to standardize and better control the relationships between property personnel and their suppliers. Owners who have adopted OpsTechnology products typically report a 5 to 10 percent savings in their annual controllable MRO and capital spend. The products include OpsBuyer, a core expense management solution that allows owners to manage the purchasing and payables process; OpsMarket, the industry’s largest online network of suppliers that streamlines the ordering process while maintaining compliance against an owner’s purchasing program; and OpsInvoice, an invoice management solution that eliminates the need to manually process invoices on site.
For 2009, RealPage will introduce two new products as a result of this acquisition. OpsBid is a bidding and project management system that will primarily manage the process for larger capital and rehab related purchases. The second new offering, OpsWork, is a facilities management system developed to assist maintenance technicians with the management of work orders and make-readies. OpsWork will include a mobile inspection system enabling maintenance technicians to capture information and pictures related to damage in a unit. The information can be used to support charges against the resident’s deposit in the final account statement.
Existing OpsTechnology customers should not see any disruption in service as RealPage will continue to offer and expand its integration capabilities with Yardi and Intuit MRI Residential. RealPage will continue to support OneSite Purchasing customers, but will now offer them additional functionality, including access to the national merchant network as well as advanced functionality in the new OpsBid and OpsWork products.
To view an interview with Steve Winn and Sukhi Singh regarding the merger and to learn more about the products and positioning mentioned in this press release, please visit www.realpage.com/news/.
To schedule an interview with Steve Winn, CEO of RealPage, or Sukhi Singh, president of OpsTechnology, please contact Andrea Massey at (972) 820-3150, andrea.massey@realpage.com or Don Canfield at (303) 682-3942, don@linnelltaylor.com.
About RealPage
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides products and services to more than 20,000 apartment communities across the United States. Its five on-demand product lines include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student housing, and military properties; CrossFire® sales and marketing systems that boost occupancy and build retention; YieldStar® asset optimization systems that maximize asset valuation and investment return; VelocityTM utility management systems that accelerate payments for resident charges; LeasingDesk® risk mitigation systems that streamline the leasing process; and OpsTechnologyTM spend management systems that help owners manage and reduce operating expenses. For more information, call 1-87-REALPAGE or visit www.realpage.com.
About Ops Technology
OpsTechnology offers owners the ability to manage and standardize procurement, purchasing and payables functions and brings together thousands of vendors and apartment communities to transact business online in a more efficient manner. OpsTechnology manages spend for assets valued in excess of $100 billion and serves 8 of the top 10 REITs in the United States. Founded in 1999 by real estate and technology industry experts, the company was backed by real estate operating companies and VC firms including SAP Ventures, Vortex Partners, Cohen & Steers, Equity Residential, and Camden Property Trust.