RealPage, a Texas-based provider of software and data analytics to the real estate industry, has agreed to acquire New York City-based electronic payment platform ClickPay in a cash-stock deal worth $218.5m.

ClickPay currently serves 2.3 million apartments, condos, co-ops and home owners associations (HOA).

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The acquisition will result in the creation of a property payment processing platform with over $55bn in annual transaction volume.

RealPage said that the deal will expand its presence into the HOA owner-occupied segment of real estate, adding around $1bn to its total addressable market.

The deal will also add lockbox and online banking capabilities to RealPage’s portfolio.

RealPage Financial Services senior vice president Matt Davis said: “We intend to incorporate ClickPay’s capabilities into the RealPage payment processing platform enabling clients to eliminate site-level check handling. We anticipate ClickPay will remain a standalone platform supporting most third-party property management solutions, but will also begin integrating RealPage’s front office capabilities tailored for rental real estate.

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“Accordingly, ClickPay operations in New Jersey and New York will be expanded to further support rental clients and to further penetrate the HOA segment.”

The deal consideration includes $76.3m in RealPage common stock and $142.2m in cash. RealPage will fund the cash portion of the transaction using its existing credit facility.

Around 100 employees of ClickPay, including its chairman Ernest Muller and CEO Tom Kiernan, will be retained following the acquisition.

ClickPay chairman Ernest Muller said: “By joining forces with RealPage, we will be able to grow our best-in-class payment platform and instantly add a suite of resident-facing solutions including online service requests, online leasing, online concierge services, package tracking, utility billing, insurance, and lead generation tools.”