Acquisition Combines Industry-Leading Property Management Technology Solutions and CRM to Deliver Next-Generation Virtual Operating Platform
RICHARDSON, Texas–(BUSINESS WIRE)–RealPage, a leading global provider of software and data analytics to the real estate industry, announced today that it has entered into a definitive agreement to acquire Knock® CRM (Knock), a provider of leading customer relationship management (CRM) and front office technology in the multifamily industry. This strategic acquisition combines Knock’s suite of products with RealPage’s deep expertise in AI, yield management and smart property management solutions.
Together, RealPage and Knock will create a next-generation operating platform to maximize net operating income (NOI) for the multifamily sector’s multi-trillion dollar asset class. The transaction is subject to customary closing conditions and is expected to close in the coming days. Financial terms were not disclosed.
“Acquiring Knock accelerates our strategy to deliver a next-generation front office platform that supports centralized leasing,” said Dana Jones, CEO of RealPage. “Today’s market conditions are driving property owners and operators to rethink operations to drive efficiency. Together with Knock, RealPage will meet our customers’ needs with a connected platform that enables an AI-driven virtual operating model.”
Founded in 2014, Knock has scaled its core CRM product to serve millions of apartment units across North America with the leading integrated suite of front office technology, providing multifamily owners and operators the capabilities they need to acquire and retain residents more profitably. Knock’s API-first platform integrates easily into any property management system (PMS) and will maintain this flexibility as it becomes part of RealPage’s open, PMS-agnostic front office platform.
“RealPage and Knock share an identical vision for a truly connected and intelligent front office. Together we will realize this vision faster, and the combination will enable us to go even further on our commitment to delivering both the technology and customer service our customers need to offer a best-in-class prospect-to-resident experience,” said Demetri Themelis, CEO and co-founder of Knock.
“This is as much about the team as it is the technology,” added Jones. “There’s a reason Knock has such a tremendous reputation in multifamily. We’re excited to begin working together as one team to drive greater value and the best possible experience for our customers.”
RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency into asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998, and headquartered in Richardson, Texas, RealPage is backed by private equity investment firm Thoma Bravo. RealPage currently serves over 22 million units worldwide from offices in North America, South America, Europe, and Asia. For more information, visit www.RealPage.com.
Knock offers an integrated suite of front office technology that provides multifamily owners and operators with the capabilities they need to more profitably acquire and retain high-value, long-term residents. Knock CRM empowers leasing teams with tools to accelerate successful leasing and renewal outcomes, provides marketers the data to optimize spend, and ensures executives have the business intelligence and insights needed to outperform their competitors. Founded in 2014, and headquartered in Seattle, Washington, Knock proudly serves millions of units operated by the fastest-growing management organizations in multifamily. It is regularly named as one of the fastest growing companies in America as well as one of the Best Places to Work in Seattle. Learn more at: www.knockcrm.com.
Kirkland & Ellis LLP is serving as legal counsel to RealPage. Raymond James & Associates is serving as financial advisor to Knock and Fenwick & West LLP is serving as legal counsel to Knock.
PR & Communications, RealPage
Public Relations, Knock CRM