RMO acquired by RealPage
RealPage has bought RMO.
Rent Mine Online (RMO) has been acquired by RealPage, following business negotiations between the two firms.
RMO provides social network marketing tools as a software-as-a-service aimed at the multifamily rented industry market, while RealPage delivers on-demand software and services for the rental sector, dealing with all accommodation types including low-density housing and single-family residences.
RealPage paid an estimated $6 million (£3.87 million) for RMO as a closing merger consideration, with the agreement enabling an additional $3.5 million to be paid to stockholders at RMO.
Chief executive officer and chairman of RealPage Steve Winn declared that adding this firm should boost the proportion of organic leads real estate can generate.
As social media can boost conversion rates, "property owners and managers are now using this type of tool to improve both the quantity and quality of leads that they receive", he remarked.
Chief executive officer of RMO Ed Spiegel said his company is "excited to become part of the RealPage team".
Posted by David Gleck
Source: RealPage press release, July 23rd