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RealPage (NASDAQ:RP), a provider of on-demand software solutions for the rental housing industry, is expected to price its IPO this week.

Business Overview (from prospectus)

We are a leading provider of on demand software solutions for the rental housing industry. Our broad range of property management solutions enables owners and managers of single-family and a wide variety of multi-family rental property types to manage their marketing, pricing, screening, leasing, accounting, purchasing and other property operations. Our on demand software solutions are delivered through an integrated software platform that provides a single point of access and a shared repository of prospect, resident and property data. By integrating and streamlining a wide range of complex processes and interactions among the rental housing ecosystem of owners, managers, prospects, residents and service providers, our platform optimizes the property management process and improves the experience for all of these constituents.

Our solutions enable property owners and managers to increase revenues and reduce operating costs through higher occupancy, improved pricing methodologies, new sources of revenue from ancillary services, improved collections and more integrated and centralized processes. As of June 30, 2010, over 6,100 customers used one or more of our on demand software solutions to help manage the operations of approximately 5.2 million rental housing units. Our customers include nine of the ten largest multi-family property management companies in the United States, ranked as of January 1, 2010 by the National Multi Housing Council, based on number of units managed.

Offering: 13.5 million shares at $13 - $15 per share. Net proceeds of approximately $17.2 million will be used for debt repayment and $0.4 million for outstanding dividend payment.

Lead Underwriters: Credit Suisse (NYSE:CS), Deutsche Bank Securities (NYSE:DB)

Financial Highlights:

Total revenue increased $19.1 million, or 28.4%, for the six months ended June 30, 2010 as compared to the same period in 2009...Cost of revenue increased $8.8 million, or 31.8%, for the six months ended June 30, 2010 as compared to the same period in 2009... Product development expense increased $3.7 million, or 27.3%, for the six months ended June 30, 2010 as compared to the same period in 2009...Sales and marketing expense increased $3.4 million, or 25.8%, for the six months ended June 30, 2010 as compared to the same period in 2009...Net income decreased to a loss of $0.04 million for the six months ended June 30, 2010 as compared to $2 million for the same period in 2009...

Competitors

We face competition primarily from point solution providers including traditional software vendors and other on demand software providers. To a lesser extent, we also compete with internally developed and maintained solutions. Our competitors vary depending on our solution.

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