Richardson, Texas — Richardson, Texas-based RealPage Inc. has agreed to acquire On-Site Manager Inc. for $250 million in cash.
On-Site is a leasing platform for property managers and renters that assimilates leads from any source and converts them into signed leases for both the multifamily and single-family housing industries. On-Site’s platform offers solutions similar to RealPage’s screening and document management business, and also includes prospect and resident portals, online and on-premise leasing, payment processing and eSignature lease execution solutions.
RealPage intends to continue supporting the On-Site platform and expects to combine the best features of its and On-Site’s platforms over time. Integration work is expected to be complete in 2018. RealPage expects to achieve incremental revenue and expense synergies that will be accretive to its long-term revenue growth and adjusted EBITDA margin expansion objectives.
“On-Site manages the entire leasing process from lead assimilation, to applicant screening, to the final generation of signed lease documents,” says Steve Winn, CEO of RealPage. “The acquisition increases our screening footprint and adds incremental consumer-oriented data that will benefit our data analytic solutions. Most importantly, On-Site will significantly improve the integration of our leasing solutions into major property management systems such as Yardi, MRI and AMSI.”