Private equity firm Thoma Bravo has agreed to buy property management software provider RealPage for $10.2B, in a deal described as one of the largest recent leveraged buyouts.

Why should we care?
Founded in 1998, Richardson, Texas-based RealPage offers a property management platform for property owners and managers. Its offerings include renter portals, as well as site management, expense management, and financial analysis tools for building and property owners. RealPage experienced growth during the pandemic as the industry accelerated its digital transformation, RealPage CEO Steve Winn told the Wall Street Journal. The platform has more than 12,000 customers, and the company’s revenue, according to its third quarter earnings report, was $298.1M – an increase of 17% year-over-year. The deal will enhance RealPage’s ability to implement its long-term strategy and deliver better products and services to clients and partners, Winn noted in a statement. Thoma Bravo manages more than $70B in assets. The deal is the firm’s latest move in its strategy to acquire software providers for specialized industries, and accelerate their growth plans.