Only a few weeks ago, RealPage, a property management software company, bought SeniorLiving.net for just under $5 millon. This week, MyNewPlace.com announced that they were also being acquired by RealPage for around $75 million, bringing RealPage's assets to an estimated $9 Billion.
"The Company believes that the acquisition of SeniorLiving.Net, and now MyNewPlace, vastly expands its lead origination and syndication capabilities increasing the total addressable market for all RealPage software-as-a-service (SaaS) products and services to at least $9.0 billion. MyNewPlace® has approximately 7,500 property listings with 1.8 million rental units. Approximately 500,000 of these units do not presently use any RealPage products and services. These unique units will increase the total number of units using one or more RealPage products and services to 6.9 million units."
This reflects a continued wholesale consolidation of ILS websites accross the net in the online real estate industry. Large property managment software companies are trying to get involved in the real estate listing game, a previously somewhat separate business. On-Site.com has RentalAddress, Yardi bought PropertyShark launched RentCafe, and PropertySolutions has Vacancy.com. Listing sites beware, as large property management software companies are creating and swallowing up ILS's left and right.
My latest post on the OMG blog>.