RealPage Acquires Notivus Multi-Family, LLC
Expands Compliance Depot solution to create best-in-class platform
CARROLLTON, Texas--(BUSINESS WIRE)-- RealPage, Inc. (NASDAQ: RP), a leading provider of on-demand property management software to the rental housing industry, recently acquired selected assets of Notivus Multi-Family, LLC, an innovative risk mitigation and compliance service platform delivering leading solutions in vendor credentialing. Notivus will extend the company’s Compliance Depot solution, creating a best-in-class vendor management and insurance compliance program.
“Notivus has developed an extremely powerful vendor portal that streamlines the onboarding and support of its vendor network,” said William Chaney, executive vice president, enterprise solutions. “The combined offering will create the most comprehensive vendor management and insurance compliance solution in the rental housing industry. The solution broadens our offering to further address the compliance needs of clients in adjacent vertical markets, including commercial real estate.”
Combining Compliance Depot’s extensive network with the Notivus platform enables both vendors and property management companies to save time, minimize errors and substantially reduce risk, by managing vendor credentialing, insurance certification and other verification processes. The offering provides vendors access to other RealPage portfolio products, including OneSite Purchasing and OpsTechnology Spend Management solutions.
“Partnering with RealPage presents us with vast resources and considerable expertise,” said David Cook, president of Notivus. “The collective strength of Compliance Depot and Notivus enables us to deliver a best-in-class solution to a much broader audience, while bolstering our offering to current clients.”
Notivus’ management team brings over 25 years of vendor management expertise to RealPage and will lead the new RealPage Vendor Compliance Services business.
The company paid closing cash consideration of approximately $3.6 million, a deferred cash payment of up to $0.8 million payable over two years after the acquisition date, and management incentive bonuses totaling $3.1 million if certain revenue targets are met for the years ended December 31, 2015, December 31, 2016, and December 31, 2017.
Based in Alpharetta, Ga., Notivus delivers innovative vendor compliance solutions to the apartment industry and major corporations. Utilizing cloud-based technology and high touch customer service, Notivus has created the next generation in vendor management that revolutionizes how property managers and their vendors manage risk & compliance, build relationships and improve commerce. With over 25 years of experience transforming credentialing criteria for the Fortune 1000, the healthcare industry and Homeland Security, Notivus was invited by leaders in the multifamily industry to adapt its technology and expertise to meet the needs of vendors and apartment managers. Receiving rave reviews from vendors and property managers alike, Notivus has become the multifamily industry's answer to credentialing and compliance. For more information, go to http://www.notivus.com.
About RealPage, Inc.
RealPage, Inc. is a leading provider of comprehensive property management software solutions for the multifamily, commercial, single-family and vacation rental housing industries. These solutions help property owners increase efficiency, decrease expenses, enhance the resident experience and generate more revenue. Using its innovative SaaS platform, RealPage’s on-demand software enables easy system integration and streamlines online property management. Its product line covers the full spectrum of property management solutions, including leasing, accounting, revenue management, marketing solutions, resident services, renter insurance, utility management, spend management and apartment market research. Founded in 1998 and headquartered in Carrollton, Texas, RealPage currently serves over 9,200 clients worldwide from offices in North America and Asia. For more information about the company, visit www.realpage.com.
Sarah Marshall, 972-820-3111
Source: RealPage, Inc.
Released May 14, 2014