CARROLLTON, Texas, July 2, 2012 /PRNewswire/ -- RealPage, Inc. (NASDAQ:RP), a leading provider of on demand software and software-enabled services to the rental housing industry, today announced that it has entered into a comprehensive settlement of the litigation that has been pending with Yardi Systems, Inc. since January 2011.
Steve Winn, Chairman and CEO of RealPage, commented: "Yardi and RealPage have worked through the processes and protections designed to ensure that both of our applications work well together and our intellectual property rights are protected. While our discussions have taken a long time, we were focused on making sure that the settlement addressed the issues that our companies face competing and cooperating to ensure our common clients receive the best possible service. We believe this settlement has accomplished that objective."
As part of the settlement, Yardi and RealPage have granted each other perpetual licenses and rights to substantially expanded interfaces so that clients can experience a more full-featured integration between RealPage and Yardi applications. The parties also have established ongoing testing environments to ensure that the interfaces operate smoothly as designed. The expanded interfaces will operate on current and future versions of Yardi's Voyager 6.0 and both versions of the Voyager S platforms and current and future versions of RealPage's OneSite platform. In addition, RealPage has been granted a license to certain patents related to the Yardi PopCard ™ technology that improves a leasing agent's ability to manage incoming leads from diverse lead channels.RealPage will continue providing Voyager hosting to current clients for five more years. RealPage also has agreed to stop offering hosting services for Yardi software to new customers and to stop providing support or implementation services for Yardi software.