RICHARDSON, TX – RealPage, a global leader in software and data analytics for the real estate industry, announced that Thoma Bravo, a leading private equity investment firm focused on software and technology, has reached a definitive agreement for the services sector in a cash transaction, at RealPage is valued at approximately $ 10.2 billion including net debt.
Under the terms of the Agreement, RealPage shareholders will receive $ 88.75 in cash per share of RealPage common stock upon completion of the transaction. The purchase price represents a premium of 30.8% over RealPage's closing price of $ 67.83 on December 18, 2020, a premium of 36.5% over RealPage's 30-day volume-weighted average price up to that date, and a bonus of 27.8% versus RealPage The AllPage board of directors has unanimously approved the agreement with Thoma Bravo and recommends that RealPage shareholders vote in favor of the transaction at the special meeting of RealPage shareholders convened in connection with the transaction.
Upon completion of the transaction, RealPage is expected to continue operating under the direction of Chairman and CEO Steve Winn and the existing RealPage leadership team based in Richardson, Texas.
“We believe this transaction will add immediate and significant value to RealPage shareholders, reflecting the tremendous work our people have put in building this company. I am very proud of this work and I am also pleased that the transaction gives us the opportunity to work with Thoma Bravo, a company with huge software investments and operational capabilities. This will improve our ability to focus on executing our long-term strategy and delivering even better products and services to our customers and partners, "commented Steve Winn, RealPage's CEO and Chief Executive Officer.
"RealPage's industry-leading platform is critical to the real estate ecosystem and has tremendous potential for the future," said Orlando Bravo, Founder and Managing Partner of Thoma Bravo. “Our company has a track record of attracting innovative software providers to specialized industries and driving their innovation and growth while remaining true to their core business and customers. RealPage and Thoma Bravo can work together to expand the company's market offering and improve its current capabilities to take advantage of the increasingly complex and expanding real estate market. "
"We are excited to be working with Steve and the RealPage team on this exciting milestone in the company's journey," said Scott Crabill, Managing Partner at Thoma Bravo. “As technology transformation becomes increasingly important in the real estate industry, RealPage's diverse and innovative portfolio of products and solutions puts the company in the best position to accelerate its market leadership. We look forward to leveraging Thoma Bravo's software operations and investment expertise to drive RealPage's continued growth and identify attractive M&A opportunities. "