(November 3, 2000) – RealPage, Inc., a leading provider of products and services to the multifamily real estate industry, today announced that it has completed a $20 million investment package led by Seren Capital Ltd., a Dallas-based private investment group. This transaction will allow RealPage to continue funding the development and deployment of its OneSite™web-based property management system.
“We are delighted to complete this round of investment in what has become a very tough market for raising capital, especially with so many dotcom start-ups,” said Steve Winn, chairman of RealPage. “Along with a strong capital base and profitable software business, we now have the funding that will allow us to actively maintain our industry-leading software products and offer a seamless transition to OneSite’s eBusiness model when our customers are ready.”
Nearly 20,000 apartment communities currently use RealPage’s software and applicant screening services. Currently, 46 sponsor companies representing nearly 5,000 apartment communities are participating in the early release program of the OneSite system.
“With the enormous value proposition offered by the OneSite system’s web-based integration, we expect that the bulk of our customers will migrate to OneSite over the next two to three years,” said Winn. OneSite has been in development for two years. The first four of its nine product centers are scheduled to be launched before the end of 2000.
Funding also will be used to expand the market research databases of RealPage’s wholly owned subsidiary, M/PF Research, which is the leading provider of market research to the apartment industry. M/PF’s databases will allow property stakeholders to have instant access to site data, sub-market research, and relevant commentary of trends and forecasts. “Our investment in M/PF’s comprehensive databases will help us dramatically expand coverage, accuracy, and timeliness of market research nationwide,” said Winn. “For the first time, property stakeholders will have current demographic, market and performance data delivered on a real-time basis.”
RealPage also intends to use part of the funding towards the pursuit of strategic acquisitions that will enhance the capabilities of the OneSite product centers, such as the acquisition of ChannelTECH, Inc., which was also announced today. A leading supplier of handheld technology used in facility management applications in the apartment housing industry, ChannelTECH currently is developing wireless work order and inspection systems that will be incorporated into the OneSite Facilities product center.
RealPage is a leading provider of products and services to the apartment housing industry with 20,000 apartment communities 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 four 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; M/PF Research, Inc., a leading provider of market research to the apartment housing industry; and ChannelTECH, Inc., a leading provider of handheld wireless computing devices for facility management applications.