If you’re renting an apartment complex somewhere in the United States, chances are your landlord uses software from a North Texas-based company to determine how much you charge.
Richardson-based RealPage became the nation’s leading provider of software landlords use to set rents after federal regulators approved a controversial merger with rival Lease Rent Options in 2017. I was. Found a ProPublica survey.
The company sells software, operating systems, provides analytics to the rental industry, and has acquired dozens of companies over the years. Its products include his YieldStar, an algorithm-based service that RealPage said helps landlords “beat him 3% to 7% over the market,” according to a ProPublica report.
RealPage Listed over 10 years ago in a stock sale worth $135.3 million.It was acquire and privatize According to ProPublica, RealPage has over 31,700 customers. The company’s software currently serves more than 22 million of his units worldwide from offices in North America, South America, Europe and Asia.
Here are five things you should know about how RealPage became the residential power player it is today, and its presence in North Texas.
Founder Steve Wynn turned billionaire and political donor
RealPage founder Stephen Winn amassed a fortune of $1.7 billion. according to forbes. Winn bought Little Buddy, a company that provides lease accounting software for landlords, from Thomson Corp. for $10 million in 1998 as part of the sale of his father’s accounting software company, Computer Language Research Inc. founded RealPage.
Winn, who graduated from the University of Texas at Austin in 1969 with a degree in electrical engineering, was initially uninterested in the real estate business. I changed my mind about Buddy and the market has matured. for expansion, according to bloomberg report.
In 2021 and 2022, Winn Donated $345,300 to political campaigns Organizations including $112,500 to Texas Senator John Cornyn, $50,000 to the Republican National Committee, and $44,600 to the National Republican Senate Committee.
World’s Largest Private Equity Firm to Acquire RealPage in 2021
Thoma Bravo, a San Francisco-based private equity firm, is one of the largest private equity firms in the world. Acquiring RealPage for $10.2 billion in 2021, making RealPage a private company. Winn remained CEO of his RealPage after the deal.
“RealPage’s industry-leading platform is important to the real estate ecosystem and holds great promise for the future.
Thoma Bravo’s holdings include investments in technology and software companies. With offices in San Francisco, Chicago and Miami, the company manages more than $122 billion in assets.
RealPage moved from Carrollton to Richardson in 2016.
RealPage moves headquarters From Carrollton to Richardson in 2016revived a landmark in the Telecom Corridor, attracting approximately 1,400 employees to its offices on Lakeside Boulevard, once likened to a suburban shopping mall.
Wynn said at the time that it leased the 400,000-square-foot building because it was “broken at the seams” and had no room to expand its 250,000-square-foot office in Carrollton.
Built for Northern Telecom in the early 1990s, the massive barrel-vaulted building is familiar to commuters traveling along the North Central Highway. In 2017, RealPage revived its holiday tradition. Giant illuminated Christmas wreath highway side of the building.
The company has grown through dozens of acquisitions
RealPage has experienced dramatic growth in recent years through a series of acquisitions. The company acquired Seattle-based Knock CRM in his Sept. Alabama-based WhiteSky Communications in 2021WhiteSky provided internet, voice and cable services to owners of apartments, student residences, hotels and nursing homes.
2019, RealPage Acquires North Carolina-based real estate tech company Investor Management Servicesprovides web-based analytics and technical services to over 50,000 real estate investors in 92 countries. that same year, RealPage paid $580 million to Buildiuma Boston-based real estate management systems company.
RealPage spent $400 million on mergers in 2018. $218.5 million in electronic payment platform ClickPay When $103 million at LeaseLabs, Digital marketing services and software provider for apartments. In 2017, the company paid $250 million On-Site Manager Inc., a California-based property management services platform and spent $70 million About American Utility Management, a utility and energy management systems provider.
Founder involved in big project at Wells Fargo in Irving
Winn’s investment firm, Mirasol Capital, has sold Irving’s West Las Colinas Boulevard and Promenade Parkway premises to Wells Fargo. $455 million, 800,000 square foot regional office centerThis will be the largest office development in Las Colinas since 1985.
Mirasol secured 17 acres between the Wells Fargo site and the entertainment center at the Toyota Music Factory. Mixed Use Retail and Residential Projects.