(January 6, 2000) — RealPage, Inc., a leading provider of property management software and services to the apartment housing industry, today announced completion of a $19.75 million private placement of convertible participating preferred stock. Proceeds from the investment will be used to fund Internet-based applications under development at the company.
“RealPage will soon release a comprehensive eBusiness solution for apartment owners and managers. Over 125 designers and web application programmers are working to finish the initial launch of the system,” says Jim Melson, president of RealPage. “The initial portion of the new system will be launched in the first quarter of 2000 and will allow our clients to manage large distributed portfolios of apartment properties as if they were one site. This is a true web-native application designed from the ground up to embrace and exploit the capabilities of the Internet.”
Funding also will be used to launch a new product from RealPage’s wholly owned subsidiary, M/PF Research, called M/PF Online. “M/PF Online will work in conjunction with RealPage’s web-based property management system to capture the largest real-time database of market research information in the apartment housing industry,” says Ron Witten, president of M/PF.
RealPage is the leading provider of software and services to the apartment housing industry with nearly 24,000 apartment sites across the United States using its products. Its software and services handle the entire management process for both affordable and conventional properties, including applicant screening, market intelligence, accounting, budgeting, property management, facilities, marketing, and compliance reporting.
RealPage is headquartered in Carrollton, Texas, a suburb of Dallas. It is the combination of three industry leaders: Rent Roll, Inc., the largest developer of property management software and services; RealPage Communications, Inc., a premier designer of custom web sites to the real estate industry; and M/PF Research, Inc., a leading provider of market research to the apartment housing industry.