RealPage Acquires SimpleBills
Adds Student Housing Focus to RealPage Utility Management
RICHARDSON, Texas--(BUSINESS WIRE)-- RealPage, Inc. (NASDAQ:RP), a software company dedicated to changing how people experience, utilize and monetize rental space, announced that it has acquired the assets of Simple Bills Corporation, an innovative utility management service dedicated to the student housing market. SimpleBills currently provides utility services to over 125,000 students in the U.S.
SimpleBills’ unique solution vastly simplifies utility management for both properties and students. The company bills and collects from residents directly, offering significant time savings to properties. Site staff can avoid tedious billing tasks to focus on other operations. Students receive only their portion of the utility bill, allowing them to split water, electric, gas, cable bills and other shared utilities among roommates. Additionally, they can manage their utilities easily without paying deposits and utility provider setup fees or contacting providers.
RealPage Utility Management (RUM) will add SimpleBills’ services to its current family of products. Because SimpleBills has a direct relationship with the student, RealPage will be able to deploy it independently of any student solutions companies already use, saving the time and expense of integration. Companies will then be able to outsource utility billing in the same way current RealPage clients outsource their affordable housing and vendor compliance, accounting, and IT operations to RealPage.
SimpleBills’ solution is also platform-agnostic, which will enable RealPage to serve SimpleBills clients who operate in other markets such as Multifamily, Single Family, HOA and Senior Living.
Jason Lindwall, SVP, RealPage Spend Management:
“The acquisition of SimpleBills is a mark of our commitment to providing complete energy management solutions to our clients. It is also a pivotal, winning moment. We’re adding game-changing power to our Student offerings, giving our clients the ability to fully outsource their utility needs. There is so much excitement around SimpleBills’ capabilities.”
Colin Heller, CEO and Founder, SimpleBills:
“This is a thrilling opportunity for SimpleBIlls. We built our company to redefine how utilities are managed so properties and students could experience utilities the way they should be. With the unmatched support and development resources available at RealPage, we will be able to provide even more state-of-the-art simplicity and outstanding customer experiences in student and in entirely new markets.”
For more information about SimpleBills, please go to https://www.realpage.com/student/simplebills/
RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use its platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 12,100 clients worldwide from offices in North America, Europe and Asia. For more information about RealPage, please visit https://www.realpage.com.
SimpleBills is a complete utility management company that helps property management companies and owners conserve resources and realize efficiencies with data-based decisions. Founded in 2008 with headquarters in Waco, Texas, the company serves clients in over 170 markets in 43 states across the U.S. For more information about SimpleBills, visit https://www.simplebills.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking” statements relating to the ability of the SimpleBills services to simplify utility management for both properties and students and provide significant time savings to properties in the student housing and other markets, and the complementary nature of the RealPage and SimpleBills services. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Additional factors that could cause or contribute to such differences include, but are not limited to, the following: (a) the possibility that general economic conditions, including leasing velocity or uncertainty, could cause information technology spending, particularly in the rental housing industry, to be reduced or purchasing decisions to be delayed; (b) an increase in insurance claims; (c) an increase in client cancellations; (d) the inability to increase sales to existing clients and to attract new clients; (e) RealPage’s failure to integrate recent or future acquired businesses successfully or to achieve expected synergies including the transaction with SimpleBills; (f) the timing and success of new product introductions by RealPage or its competitors; (g) changes in RealPage’s pricing policies or those of its competitors; (h) legal or regulatory proceedings; (i) the inability to achieve revenue growth or to enable margin expansion; (j) changes in RealPage’s estimates with respect to its long-term corporate tax rate or any other impact from the Tax Cuts and Jobs Act; and (k) such other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission (“SEC”) by RealPage, including its Annual Report on Form 10-K previously filed with the SEC on February 27, 2019 and Form 10-Q filed on May 8, 2019. All information provided in this release is as of the date hereof and RealPage undertakes no duty to update this information except as required by law.
Source: RealPage, Inc.
Released July 29, 2019