Thoma Bravo has agreed to buy out RealPage Inc., the maker of U.S. real estate software. Thoma Bravo is offering investors $88.75 in cash for each share of RealPage. The transaction has an equity value of $9.6 billion

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RealPage, a maker of software for managing rental properties, has risen more than 26% this year — outpacing a 15% gain in the S&P 500 — after the pandemic spurred the adoption of online and digital services over in-person alternatives. The company in November hiked its earnings per share forecast for the year after reporting quarterly revenue ahead of expectations. It’s now valued at about 35 times estimated earnings, versus 26 for the benchmark index.

RealPage’s executive team in Richardson, Texas, including Chief Executive Officer Steve Winn, are expected to continue leading the company after the deal closes, the companies said in the statement.

It’s carved out a niche within the buyout industry, focusing on cloud software businesses that draw steady, recurring sales.

The firm typically makes operational tweaks to the companies it acquires, usually keeping management in place and concentrating on growth rather than cost cutting. It’s a model that’s proved remarkably lucrative, particularly during the coronavirus pandemic. It said in October it had raised three funds totaling more than $22.8 billion.