Texas-Based RealPage Purchases Hackensack’s ClickPay
HACKENSACK, NJ --- Richardson, TX-based RealPage, an apartment industry service firm, made another big acquisition by paying $218.5 million USD for New Jersey-based ClickPay, an electronic payment platform founded in 2009, which services 2.3 million apartments, condos, co-ops and homeowner associations. This acquisition of ClickPay creates one of the country's largest property payment processing platforms with more than $55 billion in annual transaction volume. In a prepared statement, Steven Winn, Chairman and CEO of RealPage, said, “Expanding our payments solution to include ClickPay has the potential to further accelerate one of the fastest growing areas of our platform. According to data from the U.S. Census Bureau American Housing Survey, over $525 billion of rent is collected annually. Only a fraction of that volume is processed electronically, and we estimate that the vast majority of the U.S. still pays rent with a paper check.” ClickPay enables expansion of RealPage's services to handle electronic payments by the millions of residents and landlords the company services allowing RealPage the chance to expand ClickPay's operations in New Jersey and New York — areas where RealPage wants to grow its presence. Matt Davis, Senior Vice President of RealPage Financial Services, detailed in a statement, ”We anticipate ClickPay will remain a standalone platform supporting most third-party property management solutions, but will also begin integrating RealPage’s front office capabilities tailored for rental real estate. Accordingly, ClickPay operations in New Jersey and New York will be expanded to further support rental clients…
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