RealPage Secures $20 Million in Financing from Apax Partners
(January 12, 2004) — RealPage, Inc., a leading provider of residential real estate technology solutions, today announced that it has secured $20 million in financing from Apax Partners. Proceeds from the investment will be used to fund expansion of the company’s current property management and property marketing products, and provide additional capital for potential strategic acquisitions.
RealPage offers software products and services that automate operations for owners and managers of real estate properties, serving more than 20,000 apartment communities across the United States.
“We were attracted to RealPage because of the company’s leading market share position in the multifamily real estate sector and the success of OneSite, its next generation, fully-integrated suite of web-based products,” said Roger Hurwitz of Apax Partners. “OneSite has achieved significant market traction, with thousands of apartment communities using the system to improve business processes and to enhance decision making capabilities. The technology revolutionizes the way business is conducted, providing significant value to property owners and managers throughout the resident life cycle, from prospecting to moving out.”
“Apax Partners’ investment signals its belief in RealPage’s strong market position and potential for continued growth,” commented Steve Winn, CEO and president of RealPage. “We welcome them as shareholders and also look forward to benefiting from the firm’s significant experience in working with growing companies, particularly in the IT industry. We will continue to invest in our product suite and infrastructure to meet the needs and demands of the industry and to provide the highest level of customer support.”
In addition, RealPage named Alfred Berkeley, former President of NASDAQ, to its Board of Directors. “RealPage has built a robust management team with the leadership, vision and domain expertise necessary to be at the forefront of the industry’s transition from DOS-based systems to web-based systems. Management has successfully achieved rapid growth with OneSite while building a cash flow positive business,” Berkeley said.
Roger Hurwitz, Partner, and Jason Wright, Principal, of Apax Partners, and Jim Malernee, Managing Director of Cornerstone Research, will also join the board.
About RealPage, Inc.
RealPage offers software products and services that automate operations for owners/managers of multifamily real estate properties, including: property management, applicant screening, property marketing, market intelligence, accounting, budgeting, facilities, and compliance reporting. More than 20,000 apartment communities across the United States use RealPage’s products and services, which are offered in two major categories: Property management systems streamline site-based business processes such as screening, leasing, and rent management, and automate back-office accounting, portfolio management, and revenue management functions. Property marketing systems stimulate demand for vacant apartment units, capture and close more leads, build resident loyalty, and increase top-line revenue. The company is located in Carrollton, Texas, a suburb of Dallas.
About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups, operating across Europe, the United States and Asia. With over 30 years of direct investing experience, Apax Partners provides long-term equity financing to entrepreneurs to build and strengthen world-class companies. It pursues a balanced equity portfolio strategy, investing in companies at all stages of development from early stage to buyout. Apax focuses on six industry sectors: information technology, telecommunications, retail, healthcare, media and financial services. The firm’s investments in the information technology sector include: Princeton Softech, Jamdat, Oblix, Audible, Bristol, INEA and Intralinks. Apax Partners manages and advises over $12 billion on behalf of leading institutional investors around the world. For more information visit: www.apax.com