RealPage Inc. (NASDAQ: RP ), a provider of software and data analytics to the real estate industry, on April 20 announced its agreement to acquire Click Pay, a comprehensive electronic payment platform servicing 2.3 million units across the multifamily, HOA, condominium and co-op segments of real estate.
Click Pay expands RealPage’s footprint into the HOA owner-occupied segment of real estate, broadens the company’s presence in the New York metropolitan market and solidifies the integration of its front-end leasing platform into third-party property management systems.
Adds nearly $1 billion to the company’s total addressable market. The HOA market is estimated to contain over 16 million units, and RealPage estimates that current and future solutions applicable to the market aggregate to a total opportunity of approximately $60 per unit per year. Including the HOA market, the holistic RealPage platform is expected to serve multiple segments of real estate, from rentals to owner occupied units, totaling over 62 million units. Total current and future applicable solutions for those units represent nearly $205 per unit per year, for a total addressable market of over $12.7 billion.
Click Pay, in concert with the recent acquisition of On-Site, combines functionality to attract, convert and retain renters integrated with popular third-party property management systems. The front end platform includes Property Websites, Contact Center, Online Leasing, CRM, Screening, Resident Portal and Payments.
The Click Pay acquisition expands RealPage’s presence in the New York metropolitan market, complementing its recent acquisition of On-Site, the largest provider of tenant screening services in New York. Click Pay ’s client base also represents a significant cross-sell opportunity for the RealPage platform.
Expands RealPage functionality to include lockbox and online banking capabilities, eliminating time-consuming and inefficient manual check processing.
“Expanding our payments solution to include Click Pay has the potential to further accelerate one of the fastest growing areas of our platform,” said Steve Winn, Chairman and CEO of Richardson-based RealPage.