Thoma Bravo's Strategic Move: RealPage Deal Closes at $10.2 Billion Valuation

The acquisition of RealPage by Thoma Bravo has reached its final milestone. The software and data analytics platform serving the real estate sector completed its transition from a public to privately-held company following approval from shareholders on March 8, 2021. The all-cash transaction valued the company at approximately $10.2 billion including net debt, with each share receiving $88.75 in compensation.

Deal Terms and Market Premium

RealPage shareholders benefited significantly from the transaction structure. The $88.75 per share price reflects a 30.8 percent premium over the company’s December 18, 2020 closing price of $67.83, and exceeds the 30-day volume-weighted average by 36.5 percent. With this agreement now finalized, RealPage’s stock ceased trading on the NASDAQ exchange, marking the end of its public market chapter that began years earlier.

Strategic Rationale Behind the Acquisition

Thoma Bravo’s investment in RealPage represents a calculated bet on the real estate technology sector’s transformation. The private equity firm, managing more than $76 billion in assets as of December 2021, identified RealPage’s market position as a platform that revolutionizes how property owners and managers operate. The company currently serves over 19 million rental units across North America, Europe, and Asia from its Richardson, Texas headquarters.

Steve Winn, the company’s Chairman and CEO, emphasized the forward-looking nature of this partnership. He stated that RealPage’s technology has fundamentally reshaped digital transformation in real estate, and positioned the next phase for accelerated innovation. The combination with Thoma Bravo’s expertise in scaling software companies aims to unlock new capabilities for multifamily operators and residents.

Orlando Bravo, Founder and Managing Partner at Thoma Bravo, highlighted the rationale for the investment: the firm has long observed RealPage’s dominance in an industry experiencing extensive digital evolution. Thoma Bravo’s playbook—implementing operational improvements, investing in growth initiatives, and pursuing accretive acquisitions—should amplify RealPage’s trajectory as the real estate sector continues its technology-driven shift.

The Foundation for Future Growth

RealPage’s platform enables real estate stakeholders to enhance asset transparency, extract actionable data insights, and monetize space for incremental returns. Founded in 1998, the company had built a significant competitive moat before entering the hands of a prominent PE investor with deep software sector experience. BofA Securities advised RealPage through the transaction, while Goldman Sachs structured financing for Thoma Bravo’s acquisition, with major law firms Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis providing legal counsel on both sides.

The closure of this deal signals the conclusion of RealPage’s public trading phase and the beginning of a new era under private ownership, positioned to capitalize on accelerating digital transformation across the real estate industry.