Wednesday, February 24, 2016
NWP Services Corporation Acquired By RealPage For $68M
Irvine-based NWP Services Corporation, which develops cloud-based billing, electronic payment, energy management, and back office accounting and IT infrastructure for the rental housing industry, has been acquired by fellow software provider RealPage. RealPage said it would pay $68M in cash for NWP. RealPage said NWP Services had approximately $58M in revenues in 2015. Ron Reed, the CEO of NWP Services, will become SVP, Resident Billing Services at RealPage, which is based in Carrollton, Texas. NWP Servies got its start as National Water and Power, and had at one time received funding from Crosslink Capital, DQE Enterprises, Endeavor Capital Management, Friedman Billings Ramsey, Kline Hawkes California, LP, Landmark Partners, and Sycamore Ventures. It's unclear if any of those investors still hold a stake in NWP.