SANTA BARBARA, Calif., May 3, 2011 /PRNewswire/ -- Yardi Systems, Inc. ("Yardi") today highlighted an article published on April 29, 2011 by the Dallas Business Journal, titled "RealPage Locked in Legal Battle with Competitor," which draws attention to the gravity of Yardi's lawsuit against RealPage, Inc. (NasdaqGS: RP).
In its April 29, 2011 article, the Dallas Business Journal reports:
"RealPage Inc. is trading allegations in court with one of its biggest rivals in a case that, win or lose, could result in 'significant costs' for the company, Securities and Exchange Commission filings say."
Yardi's lawsuit alleges that RealPage accessed Yardi's password-protected internal website without authorization and tampered with and downloaded Yardi's copyrighted and trade secret information, price lists, and other confidential information.
In its article, the Dallas Business Journal noted the opinion of independent expert, Martin E. Rose, managing partner in the Dallas complex-litigation firm Rose Walker LLP:
"While it's not clear yet who might prevail in the Yardi-RealPage legal war, Yardi has already won one key battle.
"Rose added that the Yardi-RealPage battle is a 'significant piece of litigation'."
Yardi today issued the following statement regarding its suit against RealPage:
"Our business is built on the integrity of the software and systems our clients rely on for real estate investment management, accounting, and property management solutions. We have invested significant time, money, and resources developing and compiling the proprietary information and the cloud computing environment that are the foundation of our business. We are committed to protecting these proprietary resources, our business, and the interests of our clients."
Yardi has had an unwavering commitment to the real estate industry for nearly 30 years. The company has been acknowledged across the industry for its innovation in real estate software systems and cloud computing capabilities. The Yardi cloud is comprised of nine geographically dispersed data centers with over 3,000 physical servers configured for high performance, high bandwidth and automated failover to standby servers during hardware malfunction. In a recent survey of more than 1,000 clients, over 95% stated that they were satisfied or very satisfied with the Yardi cloud offering.
Yardi has also been recognized for its excellence in the industry by Apartment Finance Today readers, who voted Yardi as the best provider of property management software, as well as by readers of Multi-Housing News, who named Yardi recipient of the "Best Property Management Software" award. In addition, Yardi has received numerous industry awards, including the Realcomm "Digie" (Digital Innovation) Award for Best Technology, Real Estate Transaction.
The parties will appear before the district court on May 23, 2011 to discuss the schedule and parameters of the case. Yardi will respond to RealPage's counterclaims on or before June 3, 2011.
Neither the consent of the Dallas Business Journal nor the consent of Jeff Bounds, the author of the article, has been sought or obtained for the use or reprinting sections of this article.
Yardi Systems has been committed to the design, development, and support of innovative software solutions for nearly 30 years. Yardi Voyager™ products offer solutions for owners and managers of residential and commercial properties. Yardi products are used to manage nearly 7,000,000 residential units and 7 billion square feet of commercial real estate. Yardi serves clients around the world from offices in Asia, Australia, Europe and North America. More information about Yardi products and services is available at www.yardi.com.
Yardi Systems, Inc.
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