Rent Roll, Inc. and RealPage Communications, Inc. Merge.
Rent Roll, which was acquired by a private investment group from the Thomson Corporation in November of 1998, provides property management software and integrated applicant screening services to the residential property management industry. Rent Roll recently released InSite, a Windows-based property management software package, which is receiving rave reviews from users around the country.
RealPage Communications provides Internet application development and hosting services to the commercial and residential real estate industry. The company has developed Structur(TM), a proprietary Internet-based data repository that captures intellectual capital for properties and stores and indexes this information for access by authorized property managers, lenders and investors. The merger of Rent Roll and RealPage Communications will accelerate development of the next generation of Internet-based property management software by combining Structur(TM) with InSite.
Jim Melson, president of RealPage Communications, Inc., will become chief executive officer of Real Page, Inc. Joseph Stefan, president of Rent Roll, will become chief operating officer.
Stefan characterized the acquisition as a "landmark event combining the innovative mix of property management automation aids available from Rent Roll, with the Web-based products and services offered by RealPage Communications. This union will enable us to revolutionize the way information and intelligence about multifamily properties are managed and utilized."
According to Melson, "We are delighted to become affiliated with Rent Roll and look forward with great enthusiasm to the future of an Internet-connected world for property managers. The combined resources of Rent Roll and RealPage Communications will enable us to reach the market sooner and in a more profound manner."
Melson stated that there will be no short-term impact on customers or employees as a result of this merger. Real Page will continue to market and support the products of both companies. However, future product development will focus on Internet-enabled property management solutions, taking advantage of RealPage's current Internet expertise and software.
Prior to founding RealPage Communications, Melson founded Melson Technologies, which developed and marketed Skyline(TM) and Pro-Ject(TM), the most successful commercial property management systems on the market in the early '90s. Melson Technologies was sold to a large insurance company in 1994, and Melson, recognizing the importance of the Internet, founded RealPage Communications in 1995.
Additional information may be obtained by accessing www.realpage.com.
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|Date:||Dec 11, 1998|
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