RentPayment to Buy Property Bridge

YapStone’s RentPayment, which provides electronic payments for property managers and other vertical markets, will acquire PropertyBridge, its largest competitor. Yapstone recently landed $50 million in VC backing from Meritech Capital Partners and Accel. PropertyBridge is a subsidiary of MoneyGram International; terms of the deal were not publicized.

PRESS RELEASE:

YAPSTONE’s RentPayment ™ TO ACQUIRE PROPERTYBRIDGE
YapStone’s RentPayment ™ Extends its Leadership Position in the Property
Management Payment Vertical with the Acquisition of PropertyBridge, its Largest
Competitor; Combined Organization will Serve Approximately 50% of the NHMC
Top 50 U.S. Apartment Managers and Process Over $5 Billion of Payment Volume
Walnut Creek, CA (September 19, 2001)– YapStone, Inc., the leading provider of Electronic
Payments-as-a-Service (ePaaS) for property management and other vertical markets, today
announced it has signed a definitive agreement to acquire the assets of its largest competitor,
PropertyBridge, Inc. PropertyBridge is a subsidiary of MoneyGram International. The financial
terms of the transaction were not disclosed.
YapStone and PropertyBridge process the highest payment card volume in the multifamily
industry, and are the only two fully-compliant companies exclusively focused on payment
solutions for this sector. The acquisition brings together the two leading companies in the
property management ePaaS sector. The combined organization will serve the electronic
payment needs of approximately 50 percent of the National Multi Housing Council Top 50 U.S.
Apartment Managers and will process more than $5 billion in e-payments. Joining forces
enables the two companies to leverage their shared expertise to continue to provide innovative
and cost effective payment solutions to the market.
“PropertyBridge has been a formidable competitor to YapStone for several years, and we have
always admired its reputation for quality and customer care,” said Matt Golis, CEO and CoFounder of YapStone. “We look forward to leveraging the respective strengths of both
organizations to deliver the high level of customer service that PropertyBridge customers have
come to expect. In addition, PropertyBridge’s customers will gain YapStone’s proprietary
technology pertaining to unified reporting and bank reconciliation as well as newer, innovative
services including our RentByText ™ and mobile payment products.
“It has been a very busy and rewarding few months at YapStone,” said Tom Villante, Chairman
and Co-Founder of YapStone. “We completed our $50 million growth capital raise in June led
by Accel Partners, launched our integrated payment solution for HomeAway/VRBO, developed
the soon-to-launch RentPayment NOW! ™ product geared toward small to mid-sized landlords,
launched YapStone Europe, and have continued to experience rapid organic growth across all of our vertical markets. When PropertyBridge came to market, we could not pass up this high
quality asset. We are excited to welcome PropertyBridge’s customers to the YapStone family
and are eager to work with them, continuing to improve our best-of-breed product.”
According to Greg Waltz, Vice President and General Manager of Bill Payment at MoneyGram,
“selling PropertyBridge allows MoneyGram to focus on its core business, while at the same time
provides PropertyBridge’s customers with the benefit of enhanced and uninterrupted services.
We appreciate the focus and dedication of our employees in building the business and now
their support during this period of transition.”
The transaction is anticipated to close by the end of September 2011, subject to customary
closing conditions.
About YapStone
YapStone, Inc. is the largest Electronic Payments-as-a-Service (ePaaS) provider focused in
property management and several other bill payment industries. YapStone’s payment service
processes billions of dollars annually, with an on-demand platform that offers Web-based and
mobile technology to its clients. YapStone’s technology includes a unified, real-time reporting
platform for check conversion, credit/debit card processing, and electronic check processing.
About PropertyBridge
PropertyBridge is a multifamily payment specialist and leading electronic payments processor
for property managers and owners in the rental housing industry. The PropertyBridge Payments
Platform enables residents to pay rent and other lease-related transactions using multiple
payment types, including credit and debit cards, Automated Clearing House (ACH), check
scanning (Check 21) and cash payments at 35,000 MoneyGram agent locations.