Tag: RealPage

RealPage getting social, acquiring RentMineOnline

Ben Kolada

Contact: Ben Kolada

With seemingly all consumer-facing tech now trending toward social, why shouldn’t property management software vendor RealPage get in on the game as well?

The company took a step in that direction on Monday, when it announced the $6m acquisition of SaaS startup RentMineOnline, a rental-marketing startup that enables property managers to set up campaigns that residents use to recommend their rental property to friends through email and social networks.

RealPage is handing over $6m, with an earnout of up to $3.5m based on an unspecified revenue milestones. Excluding the earnout, the deal values RentMineOnline at 4x trailing sales (it generated approximately $1.5m in revenue for the 12 months ended June 30). The San Francisco-based company was founded in 2007 and had taken funding from fbFund, Partners in Equity, Seed Camp, and Alex Hoye, the former CEO of GoIndustry, which closed its $31m sale to Liquidity Services earlier this month.

The deal is a complementary addition to RealPage’s LeaseStar service. In announcing the acquisition, RealPage stated the intent was to build up its LeaseStar multichannel managed marketing service, which enables property owners and managers to market and secure rental leads more effectively.

And for a bit of irony, although RentMineOnline was headquartered in San Francisco, we expect its platform will have a greater effect in almost any market but the City by the Bay. Rental costs in San Francisco have skyrocketed recently, leading to a ‘beggars can’t be choosers’ environment where apartment seekers are likely to take whatever option is available, whether the apartment was recommended or rejected.

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Secondaries are primary for recent IPOs

Brenon Daly

Contact: Brenon Daly

The IPO window may be slammed shut right now, but the few tech companies that have managed to make it public have found the window wide open when it comes to selling more shares. In the past week or so, QlikTech, RealPage and IntraLinks have all priced their secondary sales. All three companies only came public last summer and have had strong runs since their debuts.

Recall that QlikTech priced its IPO above the expected range, something of a rarity in the current climate. After coming public in mid-July at $10, the stock traded above $20 two months later and has held that level. Shares in the analytics company closed at $23.79 on Tuesday. Incidentally, the company didn’t sell any shares in the offering. Instead, the three main backers (Accel Partners, Jerusalem Venture Partners and Stiftelsen Industrifonden) are all lightening their holdings in the 11.5-million-share secondary.

Meanwhile, rental property software provider RealPage put in the paperwork for its follow-on offering just three months after first selling shares to the public. The company sold four million shares, raising about $98m. Another 6.35 million shares came from selling shareholders, notably Apax Partners. Although RealPage initially came public below its expected range at $11, the shares have traded at twice that level since mid-October. RealPage closed Tuesday at $27.90, giving the company a market cap of about $1.8bn.

And IntraLinks priced its 10-million-share offering at $20 each. That’s up substantially from the $13 that the on-demand document management company first sold shares to the public back in early August. IntraLinks is selling two million shares, with the remaining eight million coming from its backers. The stock closed Tuesday at $19.16.