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RealPage Acquires OpsTechnology to Offer More Products to Multifamily Industry
Published: October 15, 2008
By Anuradha Kher, Online News Editor
Las Vegas--RealPage Inc., provider of on-demand software and services to the multifamily industry, has acquired OpsTechnology, an electronic purchasing marketplace for multifamily owners. The announcement was made today at the 2008 Multifamily Executive Conference.
OpsTechnology will become a wholly owned subsidiary of RealPage and Sukhi Singh, president and founder, will continue to manage day-to-day operations. Current employees will remain with the company and continue to work out of its San Francisco office.
Sukhi Singh, president of OpsTechnology, tells MHN, that the rough times in the economy have nothing to do with the timing of this acquisition. “Both the companies are healthy, from the pipeline as well as the bottom line. It’s just that our stars were aligned right now and it was a great opportunity for both companies.”
RealPage plans to invest a portion of its $30 million development budget into OpsTechnology. “Singh will continue to run the company, which is now a subsidiary of RealPage,” Steve Winn, president and CEO of RealPage, tells MHN. “Both organizations deliver a wide range of applications in an on-demand platform, which makes them extremely compatible and beneficial to multifamily owners.”
“This is an exciting opportunity because it strategically positions OpsTechnology in the hands of a larger technology company with greater marketing reach and broader access to multifamily owners and property management companies,” adds Singh. “By aligning with RealPage, we will be able to offer many new and innovative products to the industry.”
OpsTechnology currently has three on-demand offerings for multifamily companies. The products include OpsBuyer, a core expense management solution that allows owners to manage the purchasing and payables process; OpsMarket, the industry's largest online network of suppliers that streamlines the ordering process while maintaining compliance against an owner's purchasing program; and OpsInvoice, an invoice management solution that eliminates the need to manually process invoices on site.
For 2009, RealPage will introduce two new products as a result of this acquisition. OpsBid is a bidding and project management system that will primarily manage the process for larger capital and rehab related purchases. The second new offering, OpsWork, is a facilities management system developed to assist maintenance technicians with the management of work orders and make-readies. OpsWork will include a mobile inspection system enabling maintenance technicians to capture information and pictures related to damage in a unit. The information can be used to support charges against the resident's deposit in the final account statement.
RealPage also plans to make more acquisitions in the multifamily technology space in the near future.
(For a video interview provided by RealPage and OpsTechnology, click here.)
