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Investment supports expansion of MRI’s global footprint and mission-critical enterprise software applications to help real estate companies improve operations and maximize portfolio value
MRI Software, a global leader in real estate software solutions, today announced that it has signed a definitive agreement to receive a strategic investment from TA Associates, a leading global growth private equity firm. GI Partners acquired MRI in June 2015 and will remain an investor in the company, alongside TA Associates.
As one of the founders of the real estate technology industry, MRI Software has remained committed to providing insight, automation, flexibility and choice for clients since its founding in 1971. Recognizing that every organization has unique requirements, MRI gives real estate owners, operators, occupiers and investors the freedom to choose the right mix of technology for their business. Today, MRI’s comprehensive and flexible portfolio includes solutions for commercial and multifamily property management, leasing, accounting and finance; offerings for managing the tenant and resident lifecycle; robust investment management and modeling solutions for optimizing the performance of deployed capital; and sophisticated reporting and analytics offerings. MRI supports its 3,100 global clients from its headquarters in Solon, Ohio, and offices in Atlanta, Dallas, London, Hong Kong, Singapore, Sydney and Toronto.
Since GI Partners’ investment in 2015, MRI Software has experienced considerable growth through product innovation, international expansion, and multiple strategic acquisitions. During this time, MRI has significantly expanded its offerings for the multifamily real estate sector and launched the industry’s most comprehensive Investment Suite, with solutions to analyze, manage and communicate the performance and risks of real estate assets and investments. MRI also brought on more than 70 partners and connected their solutions to its open platform, providing clients unmatched flexibility and choice through true enterprise software plug-and-play in a single, unified experience. Over the same period, MRI has added more than 1,000 clients and 160 employees worldwide.
“MRI Software is a leader in real estate technology because of our relentless commitment to delivering value to our clients and partners through exceptional products, services and relationships,” said Patrick Ghilani, Chief Executive Officer of MRI Software. “GI Partners has been a strong supporter and a key contributor to the acceleration of our business, and we look forward to continuing this relationship. Expanding our partnership to include TA Associates, a firm with deep software industry experience and global scale, will provide additional resources to fuel our growth through further expansion of our international footprint and our real estate technology solutions. The combination of these two leading strategic investors will provide greater access to global resources and enables us to invest even more to deliver innovation, flexibility and value for our clients and partners.”
“Since our partnership with MRI Software in June 2015, the company has successfully executed against its growth strategy, rapidly accelerating topline revenue growth, delivering significant levels of product innovation, deepening its presence in international markets, and expanding its open and connected partner ecosystem,” said Travis Pearson, Managing Director of GI Partners and a member of the MRI Software Board of Directors. “It has been a pleasure to partner with and support Patrick Ghilani and his management team as they solidified MRI’s leadership in the real estate technology market. We look forward to continuing to support MRI and partnering with TA Associates as the business continues to expand globally.”
“MRI Software has established a differentiated position in the fast-growing real estate software space with a comprehensive, configurable and open platform that meets the unique needs of real estate owners, operators and investors,” said Hythem El-Nazer, a Managing Director at TA Associates who will join MRI Software’s Board of Directors. “With its significant investment in product, people and partners, we believe MRI is well positioned to continue growing its leadership position in the commercial, residential and investment management markets. We are excited to partner with Patrick Ghilani and his team, alongside GI Partners, to support the company’s continued innovation and growth.”
Jason Werlin, a Managing Director at TA Associates, also will join MRI Software’s Board of Directors. In addition to Mr. Pearson, Jeff Sheu, a Director at GI Partners, will also remain on the Board.
Additional terms of the deal were not disclosed. Shea & Company is acting as the exclusive financial advisor to MRI Software and GI Partners during the transaction. SunTrust Robinson Humphrey is acting as a financial advisor to TA Associates.
Resident screening service expands MRI’s comprehensive and flexible technology platform for multifamily real estate owners, operators and investors
MRI Software, a global leader in real estate software solutions, today announced the acquisition of Dallas-based ResidentCheck, a provider of resident screening for the multifamily real estate industry. ResidentCheck’s extensive screening services enable property owners and operators to maximize financial performance and reduce resident delinquency rates.
“To stay competitive, today’s multifamily property operators require increased visibility into all stages of the resident lifecycle,” said Patrick Ghilani, Chief Executive Officer at MRI Software. “The acquisition of ResidentCheck expands MRI’s prospect and resident engagement capabilities while also formally establishing an MRI footprint in Texas. We’ve served numerous clients in the Dallas-Fort Worth area for many years, and we’re pleased to now establish an office in the region that will represent our full portfolio.”
ResidentCheck offers a unique combination of automated screening plus human diligence to provide a comprehensive background check service. In addition to credit and criminal background screenings, a dedicated team of employees conducts online and in-person research to verify the accuracy of information, giving property owners and operators significantly greater insight into the history of prospective residents. Screening services are available for conventional and affordable housing, and screening recommendations are tailored to specific client requirements for each property. Additionally, the integration of ResidentCheck’s screening services into MRI’s Multifamily Connect Suite will offer clients deeper insight into the relationship between an applicant’s initial screening results and future payment behavior.
“I’m very proud of what the ResidentCheck team has accomplished since we founded the company more than twenty years ago,” said Jorge Baldor, President and Co-Founder of ResidentCheck. “We are very excited to join MRI Software, a pioneer in the real estate technology industry. MRI’s deep client relationships and focus on innovation and scale will enable us to continue delivering new and improved services for our clients.”
“We want to thank our valued employees and our many loyal clients that have made ResidentCheck the success it is today. All of them will benefit from the new and innovative services that MRI Software offers,” said Kevin Hastings, Vice President and Co-Founder of ResidentCheck.
ResidentCheck will continue to serve its clients without interruption and remains committed to providing and supporting solutions for all organizations, regardless of their property management software. MRI Software will focus on alignment of shared services, sales and account management, and joint product development to integrate the ResidentCheck solution into MRI’s Multifamily Connect Suite. Similarly, MRI remains committed to providing choice and flexibility for its clients through an open and connected ecosystem. MRI’s Partner Connect program includes three screening partners, and the addition of ResidentCheck gives MRI clients even more freedom to choose the right screening solution for their needs.
This is MRI’s second acquisition in the multifamily sector within the last four months. In October 2016, MRI purchased CallMaX, a leader in automated, mobile front-office solutions, to streamline communications between residents and property managers. This transaction does not include ResidentCheck’s multifamily collections business, which will continue to service its existing clientele as a stand-alone entity. Shea & Company acted as the exclusive financial advisor to MRI Software and their private equity sponsor, GI Partners.
MRI Software, a global leader in real estate software solutions, announced it has acquired Atlanta-based CallMaX, a leader in SaaS and mobile front-office solutions for apartment communities in the multifamily real estate industry. CallMaX’s automated communications platform enables communities to significantly improve their leasing and marketing functions, resident communications, office management and maintenance operations with an innovative combination of automated answering and outbound call services, mobile and web technology.
“In today’s on-demand digital economy, prospects and residents expect leasing and property management teams to be available 24/7,” said Patrick Ghilani, Chief Executive Officer of MRI Software. “With the addition of CallMaX to our portfolio, MRI is now able to offer our multifamily customers a complete marketing and automated communications suite that allows them to generate more and higher quality leads, increase resident satisfaction and improve customer service.”
CallMaX estimates that approximately 80% of multifamily property management firms still rely on inefficient, error-prone and costly approaches to call management. These systems are plagued by poor quality of service, slow response times and high human error rates, which – in turn – lead to lost revenue from missed leasing opportunities and high resident turnover. CallMaX’s front-office solutions enable property management teams to automate inbound call processing, broadcast messages, facilitate resident surveys, and manage package tracking and notifications. Additionally, through the combination of MRI’s Connect suite and CallMaX’s services, marketing and leasing teams can capture and track all prospect leads across channels and analyze campaign performance to optimize marketing ad spend. Built atop a multi-modal communications platform, CallMaX’s solutions enable prospect and resident communications via traditional telephony, text, email, and live web and text chat – allowing prospects and residents to reach leasing and property management teams anytime using their preferred method of communication.
“We are thrilled to be joining forces with MRI Software, a respected and leading brand in the real estate technology sector, and look forward to developing the many synergies that exist between our two companies,” said John Lamb, previously Chief Operating Officer of CallMaX and now Managing Director of MRI’s CallMaX division. “MRI’s focus on customer success aligns perfectly with our commitment to delivering high-quality communications and unparalleled service for leasing teams, property managers, prospects and residents.”
CallMaX will continue to serve its clients without interruption and remains committed to providing and supporting solutions for all organizations, regardless of their property management software. Integration initiatives with MRI Software will focus on alignment of shared services, sales and account management and joint product development to integrate the CallMaX solutions into MRI’s multifamily Connect suite.