This merger will free the business from the debt anchor of the past and allow the Domin-8 team to devote undivided attention to serving our customers effectively and creating more value for them with the help of RealPage.
Carrollton, TX (PRWEB) February 16, 2010
RealPage, a leading provider of on-demand software and software-enabled services to the rental housing industry, today announced the acquisition of Domin-8 Enterprise Software Solutions, enabling RealPage to reach more customers and broaden its offering to small and medium-sized property management firms and affordable housing owners and managers.
The move will enable Domin-8 to vastly expand the breadth of products it makes available to property management customers, many of whom manage diversified portfolios that include commercial properties, single-family homes, condominiums, town homes, duplexes, HOAs, and centrally-managed apartment buildings.
"Domin-8 has several very popular software packages, including TenantPro, Spectra, i-CAM, and Management Plus," said Steve Winn, CEO of RealPage. "We share a common vision with Domin-8 of providing customers with a full suite of online services. Virtually all of RealPage on-demand services, including resident screening, renter's insurance, eProcurement, group purchasing, contact center, and resident utility billing will be integrated into core Domin-8 software platforms over the next six to 12 months. This dramatically accelerates what Domin-8 had planned to do for its customers."
The current management and employees will continue to manage Domin-8 products, with access to RealPage resources to support their continued growth. Specifically, Tom Thistleton, the CEO of Domin-8, will become SVP and general manager of SMB Solutions, responsible for both Propertyware and Tenant Pro, reporting to Sina Shekou, president SMB Solutions.
RealPage will integrate its family of value-added services with Tenant Pro for those clients who prefer on-premise software, and provide a seamless migration path for Tenant Pro clients to migrate to the on-demand platform offered by Propertyware, if they prefer. RealPage also plans to move quickly to make the Domin-8 data center SAS 70 and PCI compliant, and will leverage the RealPage cloud computing Infrastructure as a Service (IaaS) in Dallas.
"Our vision for our customers remains the same - delivering more value through property management software and on-demand, value-added services that results in mutual growth and success," said Thistleton. "Teaming-up with RealPage will tremendously benefit our customers by allowing us to fulfill that goal more rapidly. Our integration with RealPage will enable us to immediately add services that RealPage already offers, which will make us even more responsive to customers' needs. In addition, RealPage operates the most comprehensive on-demand property management systems in the market, with OneSite for large multifamily owners and Propertyware for smaller centrally-managed multifamily properties and single family rentals. Now our customers will have choices. They can migrate to the best on-demand platform in the market, or they can remain with one of the award-winning, Domin-8 on-premise platforms and enjoy access to the many value-added services that RealPage offers."
This merger completes a reorganization of Domin-8, which filed for Chapter 11 reorganization in September 2009. Domin-8's operating performance has had solid growth over the past few years. However, the company's founder and brokerage advisers ran up so much debt that the company could not survive with its capital structure.
"We have emerged from Chapter 11 with an excellent partner who can provide us the financial resources to ensure continued smooth operations and the growth capital to move the company forward," said Thistleton. "This merger will free the business from the debt anchor of the past and allow the Domin-8 team to devote undivided attention to serving our customers effectively and creating more value for them with the help of RealPage."
"Domin-8 management and employees have done a marvelous job building a sizable customer base," said Dirk Wakeham, president of RealPage. "They have a solid strategy and truly understand the needs of their customers. Domin-8 customers manage millions of rental units and are a great fit for the RealPage existing online product suite and many of the sophisticated, on-demand products and services in our portfolio."
To learn how Domin-8 delivers property management solutions for rental property managers, visit http://www.domin-8.com. For more information about the Domin-8 acquisition, or to schedule an interview with a Domin-8 or RealPage executive, please contact Karen Dodge at karen.dodge(at)realpage(dot)com or 972.820.3718.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides Software-as-a-Service products and services to tens of thousands of apartment communities and hundreds of thousands of single family rentals across the United States.
Its six on-demand product lines include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student housing, and military properties; CrossFire® sales and marketing systems that boost occupancy and build retention; YieldStar® asset optimization systems that maximize asset valuation and investment return; Velocity™ utility management systems that accelerate payments for resident charges; LeasingDesk® risk mitigation systems that reduce a community's exposure to risk and liability; and OpsTechnology™ spend management systems that help owners manage and reduce operating expenses.
Through its Propertyware subsidiary, RealPage also provides software and services to single-family rentals and low density, centrally- managed multifamily housing. Through the Domin-8 acquisition, RealPage is adding additional property management systems to address the small and medium-size business (SMB) segment with Tenant Pro, Spectra, iCAM and other property management systems. Finally, RealPage now offers Infrastructure-as-a-Service to multifamily owners and operators to reduce IT costs and dramatically improve integration performance and reliability. For more information, call 1-87-REALPAGE or visit http://www.realpage.com.
Domin-8 Enterprise Solutions, a leading provider of integrated property management software solutions, delivers an innovative suite of software products and services designed to make property management easier, more productive, and more profitable. The Domin-8 family of products is used by property management companies of all types and sizes including residential, commercial, affordable housing, home owner associations, retail and private investors. For more information, visit http://www.domin-8.com.
All statements other than statements of historical fact included in this press release regarding the Company are forward-looking statements. These forward-looking statements are based on our current expectations and projections about future events. There can be no assurance that those expectations and projections will prove to be correct. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.