RealPage, a US-based provider of on-premises property management systems for the conventional and affordable multifamily rental housing markets, announced that it has entered into a definitive agreement to acquire Knock CRM, a US-based leading provider of customer relationship management (CRM) and front office technology for the real estate industry.
The financial terms of the deal were not disclosed to the public. This strategic acquisition will combine Knock’s strength in CRM and front office technology with RealPage’s deep expertise in AI and smart property management solutions.
Founded in 2014, and based in Seattle, Washington, Knock CRM is a market-leading SaaS (Software-as-a-Service) platform that provides sales and marketing solutions for residential property management companies. The company provides an integrated suite of front office technology that provides multifamily owners and operators with the capabilities and tools they need to help them acquire and retain high-value, long-term residents.
Knock was started by CEO Demetri Themelis, Jay Zeng, and Tom Petryspecializes. The company’s competitors include LearnData PetDeck and Zaius. Before the acquisition, Knock managed to raise $46.7 million from 6 investors, including Fifth Wall and Seven Peaks Ventures. The deal, which still is subject to customary closing conditions, is expected to close in the coming days.
Dana Jones, CEO of RealPage, said in a released statement: “Acquiring Knock accelerates our strategy to deliver a next-generation front office platform that supports centralized leasing.”
CEO Dana Jones added, “Today’s market conditions are driving property owners and operators to rethink operations to drive efficiency. Together with Knock, RealPage will meet our customers’ needs with a connected platform that enables an AI-driven virtual operating model.”
Founded in 1998, and based in Richardson, Texas, RealPage is a leading global provider of property management software for the multifamily, commercial, single-family, and vacation rental housing industries. Clients use RealPage’s technology platform to improve operating performance, increase capital returns and monetize space to create incremental yields. The company currently serves more than 12,400 clients worldwide. It maintains offices in North America, Asia, and Europe.
RealPage has made a number of acquisitions in the past years. These include apartment market data provider Axiometrics, property management software company Buildium, electronic payment platform company ClickPay, utility and energy management company American Utility Management, bulk Internet provider WhiteSky, and On-Site, a leasing and marketing platform company.