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The Associated Press August 22, 2011, 5:46PM ET

RealPage to acquire MyNewPlace for $74.4M

Property management company RealPage Inc. said Monday it agreed to buy Multifamily Technology Solutions Inc., which owns the Internet listing service for rental properties called MyNewPlace, for $74.4 million in cash and stock.

RealPage will pay $63.6 million in cash and $10.8 million in stock.

The deal is expected to close Wednesday.

RealPage said the deal will increase the number of property units that use one of RealPage's products and services to 6.9 million.

The company now expects revenue of $67 million to $68 million in the third quarter ending Sept. 30. Analysts expect $66.3 million.

Shares of RealPage fell $1.26, or 5.9 percent, to $19.99 in aftermarket trading, after closing down 39 cents at $21.25.

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