SpringStreet Founder Invests in RealPage’s OneSite
(April 7, 2000) — Mike Mueller, founder of SpringStreet, today announced that he has invested in RealPage, Inc., a leading provider of property management software and services to the apartment housing industry. Mueller, who recently left SpringStreet, participated in the final round of funding for RealPage’s $24 million Series A/B convertible participating preferred stock.
Proceeds from the financing will be used to fund OneSiteÔ, RealPage’s new web-based property management system.
“I have spent considerable time studying various Internet business models under development in the multi housing industry,” said Mueller. “In my judgment, RealPage is in a strong leadership position with its OneSite suite of eBusiness, eCommerce and eContent solutions. Therefore, I have invested in the company and will be consulting with RealPage to accelerate deployment of their Internet strategy.”
OneSite will offer nine unique products that each address specific property management business processes. Three of OneSite’s products—OneSite Property, OneSite Leasing and OneSite Learning—were unveiled at Multi-Housing World’s annual convention in Las Vegas last month. The other six products will be released in phases throughout 2000.
“OneSite is a true web-native application designed from the ground up to embrace and exploit the capabilities of the Internet,” says Jim Melson, president of RealPage. “It is a comprehensive property management system for apartment owners and managers that will allow them to manage large distributed portfolios of apartment properties as if they were one site.”
RealPage is the leading provider of software and services to the apartment housing industry with nearly 22,000 sites across the United States using its products. Its software and services handle the entire management process for both affordable and conventional properties, including leasing, applicant screening, market intelligence, accounting, budgeting, property management, facilities, marketing and compliance reporting.
RealPage is headquartered in Carrollton, Texas, a suburb of Dallas, with offices in Atlanta, Georgia; Herndon, Virginia; and Burlington, Vermont. RealPage is the combination of three industry leaders: Rent Roll, Inc., the largest developer of multifamily property management software; RealPage Communications, Inc., the premier designer of custom web sites to the real estate industry; and M/PF Research, Inc., the leading provider of apartment market research to the multihousing industry. For more information, please visit the RealPage web site at www.realpage.com.