Thoma Bravo Buys RealPage In $10.2B Deal


The private equity firm Thoma Bravo has announced that it’s entered into a definitive agreement to buy RealPage, a Texas-based provider of property management software, in a deal that values RealPage at $10.2 billion including net debt. 

Thoma Bravo has agreed to pay $88.75 for each share of the Nasdaq-traded RealPage, representing a 31% premium to RealPage’s closing share price on Friday, the 18th of December, 2020. 

RealPage is a provider of property management software for real estate professionals. Founded in 1998 by entrepreneur Steve Winn, who still serves as its CEO, RealPage went public in 2010 and now, ten years later is headed for one of the biggest exits in the real estate technology industry.

The $10.2 billion deal for RealPage represents Thoma Bravo’s biggest-ever acquisition and comes on the heels of the private equity firm raising a fresh $23 billion for technology investments. 

Thoma Bravo is a well-known private equity firm with over $73 billion of assets under its management and has done many software deals amounting to tens of billions of dollars. Yet, its proposed RealPage acquisition marks the firm’s biggest-ever single deal and comes in a year of record fundraising for it.

RealPage is one of the most valuable technology companies based in Texas, providing property management software that’s used to manage over 19 million rental units worldwide. 

Its acquisition by Thoma Bravo represents a very big deal for the technology scene as the year runs out, coming at the same time with other big acquisitions such as Rent-A-Center’s $1.65 billion purchase of Acima and Lockheed Martin’s $4.4 billion acquisition of Aerojet Rocketdyne.

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