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Sumeru Equity, K1 Investment complete sale of Buildium to RealPage

Sumeru Equity Partners LP and K1 Investment Management LLC completed the sale of property management software company Buildium LLC to RealPage Inc.

RealPage agreed to acquire Buildium in November for an initial price of $580 million. Sumeru Equity said the sale was consistent with the terms agreed by the parties.

Boston-based Buildium provides real estate portfolio managers a platform to look for new business from property owners and community associations seeking services. It has over 17,000 customers in more than 50 countries.

Sumeru Equity was the majority owner and lead investor in Buildium, while K1 Investment is the company's first institutional investor.