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RealPage Acquires Kigo, Based in Barcelona, Spain
|By Business Wire
|June 16, 2014 06:04 PM EDT
Inc. (NASDAQ: RP),
a leading provider of on-demand property management software, announces
the acquisition of Kigo,
a Software-as-a-Service (SaaS) vacation rental booking and channel
management system headquartered in Barcelona, Spain. In January,
RealPage acquired InstaManager, a similar vacation rental booking system
headquartered in the U.S. With the acquisition of Kigo, RealPage further
extends its vacation rental booking system internationally.
Steve Winn, CEO of RealPage, commented, “We believe the vacation rental
market offers significant growth for RealPage, and this acquisition
helps expand our presence in Europe. Both Kigo and InstaManager offer
tremendous opportunity by helping professional vacation rental managers
increase the number of properties managed and the days per year
utilized, resulting in revenue growth without adding to their staff.”
Both solutions offer marketing websites, online pricing and
availability, online booking, automated reservations and payment
processing. RealPage will continue to market and support both systems
with long-term plans to integrate the leading functions of both
platforms into a single vacation rental booking system that is more
powerful than the sum of its parts. RealPage intends to expand the
capabilities of both booking systems to include screening, revenue
management, contact center, insurance sales and more robust accounting
Kigo currently has over 80 employees, including more than 50 in sales
and marketing. It operates an efficient, high-velocity sales process
that tightly integrates lead generation, lead qualification and lead
capture by country. While all Kigo employees were offered jobs, RealPage
intends to further expand its sales and marketing efforts in the
“Kigo has a very robust global sales force with presence in multiple
countries,” said Shawn Convery, founder and president of Kigo. “Each
country has a dedicated team of sales agents, account managers and
customer service representatives—located in Barcelona— all with a deep
understanding of the culture, the language and its nuances. Coupled with
our agile sales process, which includes a team member focused on a
specific step of the sales cycle, these strengths allow us to execute
high-velocity selling to originate, qualify and convert leads.”
RealPage paid closing cash consideration of approximately $32.0 million
and a deferred cash payment of up to $5.5 million, to be payable over
two and a half years after the acquisition date. Revenue is expected to
be immaterial in 2014, but is currently growing in low triple digits.
With a need to integrate the InstaManager and Kigo platforms, as well as
add additional sales and support functions, RealPage plans to
significantly increase its total investment in the vacation rental
market for the remainder of 2014.
To learn more about RealPage and its full suite of property management
solutions, please visit www.realpage.com.
RealPage, Inc. is a leading provider of comprehensive property
management software solutions for the multifamily, commercial,
single-family and vacation rental housing industries. These solutions
help property owners increase efficiency, decrease expenses, enhance the
resident experience and generate more revenue. Using its innovative SaaS
platform, RealPage’s on-demand software enables easy system integration
and streamlines online property management. Its product line covers the
full spectrum of property management solutions, including leasing,
accounting, revenue management, marketing solutions, resident services,
renter insurance, utility management, spend management and apartment
market research. Founded in 1998 and headquartered in Carrollton, Texas,
RealPage currently serves over 9,200 clients worldwide from offices in
North America and Asia. For more information about the company, visit www.realpage.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking" statements relating to
RealPage, Inc.'s expected growth from the vacation rental market; the
opportunity for revenue growth offered by both Kigo and InstaManager;
planned marketing and platform support and integration of the Kigo and
InstaManager into a single vacation rental booking system; intended
expansion of the capabilities of both the Kigo and InstaManager booking
systems; and planned expanded sales and marketing efforts.
These forward-looking statements are based on management's beliefs and
assumptions and on information currently available to management.
Forward-looking statements include all statements that are not
historical facts and may be identified by terms such as “expects,”
“believes,” “plans,” or similar expressions and the negatives of those
terms. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause or contribute to
such differences include, but are not limited to, the following: (a) the
possibility that general economic conditions or uncertainty cause
information technology spending, particularly in the rental housing
industry, to be reduced or purchasing decisions to be delayed; (b) an
increase in customer cancellations; (c) the inability to increase sales
to existing customers and to attract new customers; (d) RealPage, Inc.'s
failure to integrate acquired businesses and any future acquisitions
successfully; (e) the timing and success of new product introductions by
RealPage, Inc. or its competitors; (f) changes in RealPage, Inc.'s
pricing policies or those of its competitors; (g) litigation; (h)
inability to complete the integration of the Kigo and InstaManager
functionality into a single vacation rental platform and (i) such other
risks and uncertainties described more fully in documents filed with or
furnished to the Securities and Exchange Commission ("SEC") by RealPage,
including its Annual Report on Form 10-K previously filed with the SEC
on March 3, 2014 and Form 10-Q previously filed on May 12, 2014. All
information provided in this release is as of the date hereof and
RealPage undertakes no duty to update this information except as
required by law.
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