RealPage Acquires Cherre, Creating a Trusted AI-Powered Intelligence Platform Across the Full Real Estate Capital Stack

RealPage, Inc., a leading provider of AI-enabled software and data analytics to the real estate industry, today announced it has completed its acquisition of Cherre, a real estate data intelligence company trusted by institutional owners, investment managers, and operators worldwide.

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"AI can transform real estate only if it understands real estate," said Dirk Wakeham, President and Chief Executive Officer of RealPage. "Cherre has built the kind of trusted, governed intelligence that institutional owners and asset managers depend on. Bringing that expertise into RealPage means every customer, whether they manage one property or a global portfolio, gets access to a stronger, more trustworthy foundation for their decisions.”

"We've always believed real estate organizations can't make confident decisions on data alone. They need a trusted, connected meaning behind it," said L.D. Salmanson, Co-Founder and Chief Executive Officer of Cherre. "The work we've done at Cherre was building toward the moment the industry needed to move from reporting to reasoning. Joining RealPage lets us bring that future to the real asset ecosystem faster, without changing how we work with the clients who trust us today."

Building the Foundation for Real Estate AI

The real estate industry manages trillions of dollars in assets and supports decisions with consequences that extend far beyond a balance sheet: where capital flows, where communities grow, and how the built environment serves the people who depend on it. The industry is turning to AI to make those decisions faster and with greater confidence. But AI is only as reliable as the data beneath it.

Today, that data rarely agrees with itself. A single property can appear as one address in a leasing system, a different unit number in an operations platform, and a separate parcel ID in a tax record, with most platforms treating those as three unrelated assets. As a result, even a basic question, such as why the net operating income (NOI) changed at a given asset, cannot be answered with confidence. The data may all be there, but until something resolves those identities and governs what the data means, no AI can reason across it.

This is the gap now stalling AI across the industry. Models cannot reason across data that does not agree on what it describes. The industry's AI ambition is sound, but the data infrastructure beneath it was built to report on the past, not to support the decisions that come next.

Closing that gap requires a foundational layer that resolves data into consistent identities, governs what it means, and connects it into a knowledge graph that AI can reason across: why performance moved, what is at risk, and where to focus next.

Why RealPage + Cherre is the Answer

For more than a decade, Cherre has been building exactly that layer, at a scale few can match. Its platform resolves more than four billion entities and four trillion dollars in real assets globally into a trusted foundation, sourced and governed in a secure, compliant environment that institutional owners depend on.

RealPage brings deep operational scale across the property lifecycle, serving more than 42,000 customers and 24 million housing units worldwide. For the operator running a single property, that same foundation means more reliable revenue signals, faster lease-up insight, and data that stays consistent across every system already in use. It is the same governed foundation that institutional portfolio-level reasoning is built on. Together, the two companies connect what happens at the property with what matters at the portfolio and fund level, unifying data, trust, and infrastructure across the entire real estate capital stack, spanning all asset classes.

What This Means for Customers

With Cherre, RealPage customers will gain access to a layer of intelligence built specifically to bridge property-level data with portfolio- and fund-level context, connecting operations to the decisions that depend on them.

With RealPage, Cherre customers will gain the scale, resources, and global delivery capacity of one of the industry's largest technology providers, including expanded engineering and deployment capabilities to take customers from data readiness to AI in production, while continuing to work with the same dedicated team and consultative approach they rely on today.

A Commitment to Openness and Customer Control

Cherre's platform has always worked across any property management system and any data source a customer uses, and that will not change. Cherre will remain an open hub where any application or data vendor can connect under clear permissions, security controls and governance standards. RealPage and Cherre are committed to openness and to governance in equal measure, giving customers the freedom to access and use their data alongside the security and protections they depend on. Customers keep every control and protection they have today, plus new enterprise-grade tools for even finer control tomorrow.

Kirkland & Ellis LLP served as legal counsel to RealPage. For Cherre, Software Equity Group (SEG) served as financial advisor and Goodwin Procter LLP served as legal counsel.

About RealPage, Inc.

RealPage exists to improve the business of living. For more than 25 years, RealPage has powered the neighborhoods people call home, for the capital that enables them, the operators who run them, and the residents who live in them. RealPage is advancing the AI-native platform for real estate operations and institutional intelligence, bringing together agentic AI, advanced analytics, and governed data into one platform. Backed by Thoma Bravo and with more than 8,500 employees worldwide, RealPage solutions help manage more than 24 million units and the institutional portfolios behind them around the globe. For more information, visit realpage.com.

About Cherre

Cherre is the leading real estate data intelligence platform for institutional investors, commercial operators, and real asset owners. Cherre connects, resolves, and governs fragmented data to create a trusted foundation for AI, analytics, and decision-making. Organizations use Cherre to unify information across systems, improve data confidence, and accelerate business outcomes. Cherre powers the data infrastructure behind modern real estate operations. For more information, visit cherre.com.

About RealPage & Cherre

Together, RealPage and Cherre are building the trusted AI infrastructure real estate has always required: governed, domain-specific, and purpose-built to know what every piece of data means, resolve it consistently across every system that touches it, and make it available to AI that can reason on it, so the people making consequential decisions can trust what it tells them. Every recommendation is traceable, every definition is governed, and every data asset stays in the customer’s control. This is the foundation for the next era of real estate AI.

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