CARROLLTON, TX - RealPage, Inc., a leading provider of on-demand property management software to the rental housing industry, recently acquired selected assets of Notivus Multi-Family, LLC, an innovative risk mitigation and compliance service platform delivering leading solutions in vendor credentialing. Notivus will extend the company’s Compliance Depot solution, creating a best-in-class vendor management and insurance compliance program.
“Notivus has developed an extremely powerful vendor portal that streamlines the onboarding and support of its vendor network,” said William Chaney, executive vice president, enterprise solutions. “The combined offering will create the most comprehensive vendor management and insurance compliance solution in the rental housing industry. The solution broadens our offering to further address the compliance needs of clients in adjacent vertical markets, including commercial real estate.”
Combining Compliance Depot’s extensive network with the Notivus platform enables both vendors and property management companies to save time, minimize errors and substantially reduce risk, by managing vendor credentialing, insurance certification and other verification processes. The offering provides vendors access to other RealPage portfolio products, including OneSite Purchasing and OpsTechnology Spend Management solutions.
“Partnering with RealPage presents us with vast resources and considerable expertise,” said David Cook, president of Notivus. “The collective strength of Compliance Depot and Notivus enables us to deliver a best-in-class solution to a much broader audience, while bolstering our offering to current clients.”
Notivus’ management team brings over 25 years of vendor management expertise to RealPage and will lead the new RealPage Vendor Compliance Services business.
The company paid closing cash consideration of approximately $3.6 million, a deferred cash payment of up to $0.8 million payable over two years after the acquisition date, and management incentive bonuses totaling $3.1 million if certain revenue targets are met for the years ended December 31, 2015, December 31, 2016, and December 31, 2017.