Knock, a Seattle software startup that helps apartment property managers, will be acquired by RealPage, a real estate giant backed by Thoma Bravo that also provides technology services. Terms of the deal were not disclosed.
Knock helps apartment property managers manage marketing, sales, CRM, retention, performance management, predictive analytics, applicant screening, and reporting. Its products can be used with existing property management software systems and other communication and productivity apps.
The company saw increased activity as the pandemic accelerated adoption of tech services such as virtual apartment tours and digital communication with prospects and tenants. Knock recently surpassed two million units served on its platform.
“Speechless. Nearly a decade after our journey began we are thrilled to finish this chapter and begin a new one,” Knock CEO and co-founder Demetri Themelis said in a LinkedIn post.
Knock, originally called ZipDigs, was co-founded in 2014 by Themelis and Tom Petry, two University of Washington grads who previously worked together at UBS Wealth Management. The entrepreneurs were frustrated with the leasing process, specifically with how difficult it was to communicate with landlords. Jay Zeng, the company’s other co-founder, left in April 2018.
The company had raised $47 million from investors including Fifth Wall, Madrona Venture Group, Lead Edge Capital, Second Avenue Partners and Seven Peaks Ventures.
M&A activity dropped significantly in the third quarter, driven by a number of factors including public stock market declines and rising interest rates, Axios reported Friday.