Real estate tech company RealPage announced this week that it acquired real estate property management solution provider Buildium.
The company first announced the acquisition just last month but made it official this week by closing on the deal.
This is the company’s eighth acquisition since January 2017.
RealPage previously pegged the value of the Buildium acquisition at $580 million.
According to the RealPage, the company plans to combine its own property management capabilities with those of Buildium to “target smaller multifamily, single-family, associations (HOA and condo) and commercial real estate market segments.”
Buildium is currently in use by more than 17,000 customers in more than 50 countries and has approximately 2 million residential units under management.
RealPage, meanwhile, currently serves 16.8 million units worldwide.
“The SMB market segment represents a tremendous growth opportunity for RealPage. This is an area where technology is underutilized, and currently served by myriad point products,” said Steve Winn, CEO and chairman of RealPage. “Buildium in concert with RealPage enables us to reach deeper into that 50 million-unit market, with a best-in-class platform backed by data science.”
According to RealPage, the company plans to expand on Buildium’s property management platform by “incorporating ‘click-on’ capabilities that: improve the renter leasing and living experience, improve the recovery of utility fees, enhance payment processing capabilities, and expand insurance offerings.”
“Our team is thrilled to immediately hit the ground running, with particular emphasis on quickly integrating RealPage capabilities into the Buildium platform and rapidly expanding the value that we offer to our customers,” said Chris Litster, CEO of Buildium. “We are also excited to execute on our shared vision of investing in Buildium’s operations and leveraging Boston-area talent to help us scale an enhanced SMB platform across the real estate industry.”
