By: Candace Carlisle
Senior Reporter | Dallas Business Journal
Software provider RealPage Inc. (Nasdaq: RP) has agreed to acquire Axiometrics, a Dallas-based apartment research firm, for $75 million and combine it with its MPF Research division, which will help deepen its research capabilities.
The Richardson-based company has also entered into a long-term agreement with Real Capital Analytics, which tracks the apartment sales market.
By combining these entities' information, RealPage expects this platform to be the most-referenced apartment analytics system in the United States. RealPage has data analytics measuring tens of millions of real-time leases to pull its information.
"The acquisition of Axiometrics furthers our goal to become the definitive source for accurate data intelligence regarding the acquisition, operation and disposition of every market-rate apartment in the United States," said Steve Winn, chairman and CEO of RealPage, in a statement.
Axiometrics' CEO Ron Johnsey said the deal was a big win for the firm's clients, with the ability to expand its data coverage and forecasting capabilities.
The $75 million deal is expected to close in February. For year-end, Axiometrics' revenue was forecasted at about $13.8 million, which is a 27 percent growth year-over-year.
Upon Axiometrics' full integration by early 2018, it will help feed into RealPage's larger 2020 goal of $1 billion in revenue and $300 million in adjusted EBITDA.
In 2015, RealPage decided to move its North Texas headquarters and about 1,400 employees to about 400,000 square feet on Lakeside Boulevard in Richardson. The move wrapped up before the end of last year.
The details of the merger and how it would impact the company footprint in North Texas was not immediately available Tuesday.
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