Richardson-based property management technology firm RealPage is buying a company that provides internet, voice and cable services to owners of apartments, student housing, hotels and assisted living centers.
Financial terms of the deal of Alabama-based WhiteSky Communications were not disclosed. The transaction was announced Monday.
WhiteSky provides bulk, low-cost internet with speeds up to one gigabyte, voice and cable services. Started in 2005, it now serves hundreds of properties across the U.S. and has grown annual revenue by 50% in recent years.
Company founder Allen Cory White started the company while attending the University of Alabama, and his first customer was the apartment complex where he lived, according to the company’s website.
RealPage specializes in technology for the multifamily real estate industry and plans to include WhiteSky’s services in its CommunityConnect software, a resident-focused platform that rolls smart home amenities like WiFi, smart devices and electronic building access into one app. RealPage said it also plans to speed up WhiteSky’s deployments and enhance customer experience.
More than 19 million housing units worldwide use RealPage’s services.
“The acquisition of WhiteSky, a recognized and highly-respected managed service provider, positions RealPage to enter the surging market for multifamily property bulk Wi-Fi services as a key player,” RealPage chairman and CEO Steve Winn said in a statement. “We will continue to support our network of system integrators, local exchange carriers, and cable and installation partners, and offer the widest possible options for our customers, manufacturers of smart access, IoT devices and Wi-Fi communication infrastructure.”
Just last month, RealPage agreed to be purchased by California private equity firm Thoma Bravo in a $10 billion deal that is expected to close by the second quarter of 2021.
RealPage has grown in recent years through a series of acquisitions. In 2018, it spent $400 million on mergers and dropped $580 million in 2019 on property management software firm Buildium. RealPage employed nearly 7,000 in 2020 and expected to record $1.1 billion in sales for the year.