TOPS Software

TOPS Software

TOPS Software was founded in 1985 and is headquartered in Clearwater, Florida. It became a subsidiary of RealPage, a publicly traded property management software company, which was acquired by Thoma Bravo in 2021 in a $10.2 billion deal (per The Wall Street Journal, 2021). The firm focuses exclusively on community association management software, not investment management. Its platform covers accounting, budgeting, maintenance tracking, and resident portals for condominiums, homeowners associations, and cooperatives. The primary asset class is enterprise software-as-a-service (SaaS), with a revenue model based on subscription fees and professional services. TOPS does not manage third-party capital or deploy investments in private markets. According to public filings, TOPS Software serves over 15,000 associations and processes billions in transactions annually. The firm's team size is not publicly listed, but its parent RealPage employs over 10,000 people globally. There are no known separate philanthropic vehicles or adjacent operating companies. The structural differentiator is TOPS Software's vertical focus on community association management within the larger RealPage ecosystem. It does not operate as a family office or investment firm; its relevance to allocators is solely as a reference point for software specialization in real estate technology.