RealPage Acquires UK-based PEX, Expanding International Presence
October 23 2017 - 4:21PM
Business Wire
RealPage, Inc. (NASDAQ:RP), a leading global provider of
software and data analytics to the real estate industry, today
announced the acquisition of all of the outstanding capital stock
of PEX Software Limited, a London-based provider of property
management, online leasing and resident software solutions. The
platform serves market-leading clients in the United Kingdom,
European Union and Australia that manage private rental sector
(PRS) and student rental housing properties.
Industry experts believe that the PRS market will be the
fastest-growing sector of the rental housing economy in the UK over
the next 10 years. In contrast, other rental housing stock,
including social and government housing, is forecasted to decline.
RealPage believes PEX will help secure a leading market position in
the high-growth PRS segment of rental housing in the UK and serve
as a launching pad for expansion into the European Union.
“We successfully launched our student property management
solution in the U.K. in partnership with Greystar Europe in 2016,”
said William Chaney, EVP of Enterprise Solutions at RealPage.
“Since then, we have expanded our offering to include resident
portals, payments, business intelligence and revenue management
solutions tailored for the UK. PEX provides RealPage with local
presence in the UK and Australia, which is critically important to
support our expansion needs in these markets.”
“By connecting PEX’s innovative and unique consumer-facing
solutions with RealPage’s comprehensive property management,
accounting and asset optimization platforms, we expect to be the
leading rental housing software provider able to support the needs
of the rapidly-growing international build-to-rent market,” said
Philip Evans, CEO and founder of PEX. “My team and I have already
started integrating our solutions with RealPage’s solutions,
enabling our clients to benefit quickly from the synergies.”
RealPage expects to retain PEX’s London and Sydney offices as a
base of operations for broader solution expansion in those markets.
RealPage intends to augment the staff in London and Sydney with
sales, technical support and implementation specialists. PEX’s
development operation staff in Valencia, Spain, is expected to be
housed in RealPage’s Barcelona office.
The acquisition purchase price of approximately $6.2 million in
cash is subject to working capital adjustments and post-acquisition
indemnification claims. PEX is expected to have an immaterial
impact on financial performance during 2017, but will contribute to
the company’s international expansion plans, which are expected to
become increasingly important to RealPage.
About RealPage
RealPage is a leading global provider of software and data
analytics to the real estate industry. Clients use our platform to
improve operating performance and increase capital returns. Founded
in 1998 and headquartered in Richardson, Texas, U.S.A.,
RealPage currently serves nearly 11,500 clients worldwide from
offices in North America, Europe and Asia. For more
information about the company, visit www.realpage.com.
About PEX
PEX is a U.K.-based rental housing solution provider helping
companies transform work practices and service delivery models,
creating and leveraging competitive advantage, reducing costs and
scaling businesses. Founded in 2000 and headquartered
in London, England, PEX currently serves clients worldwide
from offices in London, Spain, and Australia. For more
information about the company,
visit http://www.pexsoftware.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking” statements
relating to the expected financial and other benefits to RealPage,
Inc. of the PEX acquisition and intended international expansion
efforts, acquisition integration and support plans and timing,
expected PEX revenue contribution for 2017, and expected synergies
related to the PEX acquisition and international expansion plans.
These forward-looking statements are based on management’s beliefs
and assumptions and on information currently available to
management. Forward-looking statements include all statements that
are not historical facts and may be identified by terms such as
“expects,” “believes,” “intends”, “plans,” or similar expressions
and the negatives of those terms. Those forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward- looking
statements. Additional factors that could cause or contribute to
such differences include, but are not limited to, the following:
(a) the possibility that general economic conditions, including
leasing velocity or uncertainty, could cause information technology
spending, particularly in the rental housing industry, to be
reduced or purchasing decisions to be delayed; (b) an increase in
insurance claims; (c) an increase in customer cancellations; (d)
the inability to increase sales to existing customers and to
attract new customers; (e) RealPage’s failure to integrate PEX or
other acquired businesses and any future acquisitions successfully
or to achieve expected synergies; (f) the timing and success of new
product introductions by RealPage or its competitors (including
products acquired through PEX or through other acquisitions); (g)
changes in RealPage’s pricing policies or those of its competitors;
(h) legal or regulatory proceedings; (i) the inability to achieve
revenue growth or to enable margin expansion; and (j) such other
risks and uncertainties described more fully in documents filed
with or furnished to the Securities and Exchange Commission (“SEC”)
by RealPage, including its Annual Report on Form 10-K filed with
the SEC on March 1, 2017, and its Quarterly Report on Form 10-Q
filed on August 4, 2017. All information provided in this release
is as of the date hereof and RealPage undertakes no duty to update
this information except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171023006398/en/
RealPage, Inc.Investor RelationsRhett Butler,
972-820-3773rhett.butler@realpage.com
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