HEALTH-E COMMERCE RECEIVES MAJORITY EQUITY INVESTMENT FROM BEECKEN PETTY O’KEEFE & COMPANY

February 19, 2019 —

Health-E Commerce, the parent company of the nation’s leading family of e-commerce brands dedicated to pre-tax health and wellness products and services, today announced that it has received a majority equity investment from Beecken Petty O’Keefe & Company (“BPOC”), a leading Chicago-based private-equity firm focused exclusively on the healthcare industry. The transaction is effective immediately and financial terms were not disclosed.

Based in New York, Health-E Commerce is the parent company of pre-tax health and wellness shopping sites, FSAstore.com and HSAstore.com, the newly-launched site, WellDeserved, a hub for redeeming corporate wellness rewards, and Caring Mill — the Company’s private label line of health products that provides a donation with purchase to Children’s Health Fund. Health-E Commerce CEO and founder Jeremy Miller will continue as the Company’s CEO and remains a meaningful shareholder in the business.

“At Health-E Commerce, we focus on a powerful and growing market segment of more than 60 million consumers with nearly $100 billion in spending power. Our rapid growth over the past decade illustrates the increasingly important role pre-tax health and benefits play in the lives of millions of Americans,” said Miller. “Alongside BPOC, we will launch a whole new chapter of growth and help millions more Americans take advantage of products and services that support their health and maximize their benefits through our shopping sites, educational content and consumer advocacy.”

“As more Americans use their workplace benefits to craft personalized solutions for managing their health in an era of ever-rising costs, Health-E Commerce’s brands have emerged as a trusted solution for millions of consumers shopping with FSA or HSA dollars, or redeeming rewards from their corporate wellness programs,” said Grant Patrick, Partner at BPOC. “We believe the Company is well positioned to respond to growing consumer demand for more innovative health benefits and to capitalize on the rapid expansion of the health and wellness benefits space.”

For nearly a decade, Health-E Commerce’s family of brands have devised solutions for the biggest consumer-facing problems related to spending pre-tax health benefits through better consumer education and guaranteed eligible and authentic health products. Health-E Commerce has built the only partner network of more than 250 third-party administrators (TPAs) and more than 300 direct relationships with health and wellness brands to serve over 60 million Americans who currently utilize tax-advantaged accounts like Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs) and corporate wellness programs.

Financo acted as financial advisor in the transaction and O’Melveny & Myers LLP acted as legal advisor to Health-E Commerce.Paul Hastings LLP served as legal advisor to Beecken Petty O’Keefe & Company.

About Beecken Petty O’Keefe & Company

Beecken Petty O’Keefe & Company is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms exclusively in the healthcare industry. BPOC has structured, managed and realized investments on behalf of institutional and individual investors for over two decades. Since inception, BPOC has raised four funds with aggregate capital commitments of over $1.3 billion. The firm is headquartered in Chicago, IL. For more information on BPOC, visit http://www.bpoc.com.

REALPAGE TO ACQUIRE CLICKPAY SIGNIFICANTLY EXPANDS REALPAGE PAYMENTS PLATFORM

RICHARDSON, Texas, (April 20, 2018) – RealPage, Inc. (NASDAQ: RP), a leading provider of software and data analytics to the real estate industry, today announced its agreement to acquire ClickPay, a comprehensive electronic payment platform servicing 2.3 million units across the multifamily, HOA, condominium and co-op segments of real estate. ClickPay significantly expands RealPage’s footprint into the HOA owner-occupied segment of real estate, broadens the company’s presence in the New York metropolitan market and solidifies the integration of its front-end leasing platform into third-party property management systems.

Highlights

Adds nearly $1.0 billion to the company’s total addressable market. The HOA market is estimated to contain over 16 million units, and RealPage estimates that current and future solutions applicable to the market aggregate to a total opportunity of approximately $60 per unit per year. Including the HOA market, the holistic RealPage platform is expected to serve multiple segments of real estate, from rentals to owner-occupied units, totaling over 62 million units. Total current and future applicable solutions for those units represent nearly $205 per unit per year, for a total addressable market of over $12.7 billion.

Strengthens the company’s consumer-centric, front-end leasing platform. ClickPay, in concert with the recent acquisition of On-Site, combines functionality to attract, convert and retain renters integrated with popular third-party property management systems.  The front end platform includes Property Websites, Contact Center, Online Leasing, CRM, Screening, Resident Portal and Payments.

Creates one of the largest payment processing platforms for real estate assets with over $55 billion of annual run-rate transaction volume.

Expands RealPage’s presence in the New York metropolitan market, complementing its recent acquisition of On-Site, the largest provider of tenant screening services in New York. ClickPay’s client base also represents a significant cross-sell opportunity for the RealPage platform.

Expands RealPage functionality to include lockbox and online banking capabilities, eliminating time-consuming and inefficient manual check processing.

Steve Winn, Chairman and CEO of RealPage

“Expanding our payments solution to include ClickPay has the potential to further accelerate one of the fastest growing areas of our platform. According to data from the U.S. Census Bureau American Housing Survey, over $525 billion of rent is collected annually. Only a fraction of that volume is processed electronically, and we estimate that the vast majority of the U.S. still pays rent with a paper check. In addition, according to industry sources, owner-occupied units in the HOA segment are spending approximately $60 billion per year in fees. We believe our scale gives RealPage a strategic position to drive deeper client adoption across most real estate categories for payment solutions as well as other solutions that reduce costs and improve efficiency. In addition, I believe ClickPay and our recent acquisition of On-Site together unlock a significant opportunity to attract, convert and retain renters for clients utilizing property management systems outside of the RealPage ecosystem.”

 

About RealPage

RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use its platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 12,400 clients worldwide from offices in North America, Europe and Asia. For more information about RealPage, please visit www.realpage.com.

About ClickPay, a Division of NovelPay, LLC

As a leading platform for automating real estate receivables, ClickPay accepts most payment methods, including checks, e-checks (ACH), credit and debit cards. ClickPay offers integrated payment services to increase operational efficiencies and enable profitable growth. The ClickPay Portal provides property owners and managers with a customizable, electronic solution to bill and collect payments to increase operational efficiencies and increase resident satisfaction. To learn more, go to www.clickpay.com.

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