RealPage, a property management software company, has announced that it has acquired Rentlytics for $57 million in cash. RealPage is known as a leading provider of software and analytics to the real estate industry.
“Rentlytics expands our data footprint in the multifamily industry, thereby improving our benchmarking and precision forecasting capabilities,” said RealPage Chairman and CEO Steve Winn in a statement. “We intend to combine the real time data that Rentlytics has assembled with our existing business intelligence and data analytics platform, and offer the industry a more powerful, high precision tool to measure financial and operating performance.”
And this acquisition will expand upon the company’s business intelligence by nearly 900,000 additional multifamily units. Rentlytics provides owners and operators with normalized data from multiple third-party systems. Then Rentlytics resolves system incompatibility, data accuracy problems, and time-to-analysis delays.
Prior to the acquisition, Rentlytics was integrated with more property management platforms than RealPage. Rentlytics also developed a new product known as “Renovation Manager,” which helps manage renovation workflow and provides better visibility into per-unit and per-property yields achievable through renovations.
“I founded Rentlytics with the vision of connecting people and the technologies in our industry to the data that they need to make decisions,” said Rentlytics CEO Justin Alanís. “I am proud of the progress that our team has made towards achieving that goal and the clients that we have serviced. I discovered that RealPage shares our vision of the power of data, and believe that, by combining our unique platforms, we can accelerate the development of first-in-class analytics solutions for our clients.”