RealPage acquires PEX for roughly $6.2M
RealPage announced the acquisition of all of the outstanding capital stock of PEX Software Limited, a London-based provider of property management, online leasing and resident software solutions. The platform serves market-leading clients in the United Kingdom, European Union and Australia that manage private rental sector and student rental housing properties. RealPage expects to retain PEX's London and Sydney offices as a base of operations for broader solution expansion in those markets. RealPage intends to augment the staff in London and Sydney with sales, technical support and implementation specialists. PEX's development operation staff in Valencia, Spain, is expected to be housed in RealPage's Barcelona office. The acquisition purchase price of approximately $6.2M in cash is subject to working capital adjustments and post-acquisition indemnification claims. PEX is expected to have an immaterial impact on financial performance during 2017, but will contribute to the company's international expansion plans, which are expected to become increasingly important to RealPage.