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Richardson-based RealPage bags another big business buy

RealPage is expanding its reach in the electronics payment business with a purchase of ClickPay for $218.5 million.

Richardson-based RealPage is making another big acquisition.

The apartment industry service firm is paying $218.5 million for ClickPay, an electronic payment platform, which services 2.3 million apartments, condos, co-ops and homeowner associations.

The acquisition of ClickPay will create one of the country's largest property payment processing platforms with more than $55 billion in annual transaction volume.

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"Expanding our payments solution to include ClickPay has the potential to further accelerate one of the fastest growing areas of our platform," RealPage CEO Steve Winn said in a prepared statement. "According to data from the U.S. Census Bureau American Housing Survey, more than $525 billion of rent is collected annually.

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"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," Winn said.

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ClickPay will expand RealPage's services to handle electronic payments by the millions of residents and landlords the company services.

RealPage said it plans to expand ClickPay's operations in New Jersey and New York — areas where the company wants to grow its presence.

RealPage is making the purchase with a combination of $76.3 million in stock and $142.2 million in cash.

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Last year ClickPay had revenue of more than $22 million. RealPage estimates the company it's buying will contribute $23 million in revenue for the remainder of 2018.

New Jersey-based ClickPay was founded in 2009.

RealPage has a market value of more than $4 billion and serves more than 12,400 clients worldwide.

The ClickPay buy is just the latest recent acquisition for RealPage.

Last year it paid $250 million for California-based On-Site Manager Inc., a firm that provides software and business platforms for apartment leasing and management companies.

And in June of last year RealPage agreed to pay $70 million to buy American Utility Management, a provider of utility and energy management systems for the apartment industry.

Earlier in 2017, RealPage paid $300 million for Lease Rent Options, an Atlanta apartment revenue management firm. And RealPage spent $75 million to buy apartment research firm Axiometrics.