Property management software company RealPage Inc. has signed a definitive agreement to acquire the operator of popular online apartment marketplace MyNewPlace, the company announced Monday. The transaction is expected to close on or before Aug. 24.
A consumer search site for rentals, MyNewPlace routinely ranks among the top 20 most-visited real estate websites in the country, according to Web rankings from Experian Hitwise. The site ranked 11th in July, with 1.21 percent market share among real estate sites. MyNewPlace won an Inman Innovator Award for most innovative rental or new-home online service in 2006, the year the site was founded.
RealPage has agreed to pay about $74.4 million to acquire Multifamily Technology Solutions Inc., owner and operator of MyNewPlace. RealPage will pay most of the acquisition’s price tag in cash (about $63.6 million) and pay the rest in stock (about $10.8 million).