GI to Leverage its Technology and Real Estate Expertise to Continue Growth of Leading Software Solutions Provider
SAN FRANCISCO, June 3, 2015 – GI Partners (“GI”), a leading middle market private equity firm, announced that it has signed a definitive agreement to acquire MRI Software LLC (“MRI”), a leading global provider of real estate property and investment management software solutions.
Upon closing the transaction, GI will assist MRI as it executes a strategic growth plan, which is driven by continued innovation of its flagship property management and accounting solution, expand into new markets with recently acquired Cougar Software, and build exceptional relationships and integrations with a fast growing partner network. GI will work closely with MRI’s experienced senior management team to continue to invest in the business and its dedicated employees, and support this next phase of the company’s growth.
Since its founding in 1971, MRI has been a leading provider of innovative software solutions for the global real estate industry. The company offers its clients comprehensive and configurable solutions, from property-level management and accounting to complex, long-range financial modeling and analytics for both the commercial and multifamily real estate markets. Headquartered in Solon, Ohio, MRI has international offices in Toronto, London, Sydney, Singapore, and Hong Kong.
Travis Pearson, Managing Director of GI Partners said, “GI Partners was drawn to MRI’s unique and leading position in the real estate industry, an end market we know very well. The management team has built a world-class enterprise through both organic growth and the successful integration of several strategic add-on acquisitions over the past four years to further develop its product offerings. In our discussions with the MRI team, we have already identified several significant growth opportunities for the company, including expansion into new geographies and applications, and we look forward to working with Patrick Ghilani and his talented team to capitalize on these opportunities.”
Patrick Ghilani, CEO of MRI, said “MRI is one of the strongest, most dynamic brands in real estate software because of our relentless passion for delivering real value to our clients through exceptional products, services, and relationships. We could not be more pleased to have GI Partners alongside us during these exciting times at MRI. GI’s talented team, real estate experience, and commitment to growth, complement and strengthen the direction we have outlined to our valued clients and partners around the globe. MRI and GI are tightly aligned and committed to ensure that the entire MRI family experiences the success and rewards intended by this transaction.”
MRI represents the fourth portfolio investment in GI Partners Fund IV, a $2 billion fund raised in 2014.
MRI offers property management software solutions to the global property management and investment industries. As a leading provider of real estate enterprise software applications and hosted solutions, MRI serves the global multifamily and commercial property industries, helping them improve their bottom line and maximize their returns on their diverse business portfolios. MRI leverages its more than 40 years in business to develop long-term successful relationships with its clients. For more information, please visit www.mrisoftware.com.