Solon, Ohio – October 19, 2023 – MRI Software, a global leader in real estate solutions, has been recognised as a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Lease Accounting and Administration Applications 2023 Vendor Assessment.
The recently released report from IDC, a leading provider of global IT research and advice, evaluates vendors, ultimately positioning them in one of four IDC MarketScape categories: Participants, Contenders, Major Players and Leaders. Placement is determined by the vendor’s performance when measured against certain market criteria, with surveys, interviews, public information and end-user experiences factoring into the scoring.
According to the IDC MarketScape report, “The roller-coaster ride of the past 36 months has changed how businesses operate regarding lease management. Many have significantly reduced their operational footprint, while others have expanded their needs for space. It all depends on the industry. As a result, some businesses are saddled with leases for spaces and items that they will not or cannot use in the short term. This complex predicament has been further complicated by the regulatory changes associated with GASB 87 and ASC 842, which promise to add unprecedented complexity to lease management.”
Source: “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Lease Accounting and Administration Applications Vendor Assessment, August 2023, Doc # US48562222”
MRI’s comprehensive intelligent leasing offering enables companies of all sizes to optimise their leasing operations, automate processes, produce accurate financial reports and gain actionable insights that deliver better business outcomes. Built on a foundation of flexible, AI-powered technology, the PropTech company’s software and services enable tenants across a variety of sectors—including office, retail, industrial, healthcare, and education—to overcome today’s complexities while preparing for challenges that may arise in the future.
The report noted, “MRI Software’s comprehensive lease accounting solution addresses the complexities of lease accounting compliance. With its robust features and functionalities, MRI’s lease accounting solution enables organisations to effectively manage lease portfolios, automate lease calculations, and generate accurate financial reports.”
The report went on to say, “The software supports compliance with lease accounting standards such as ASC 842 and IFRS 16, ensuring accurate lease classification, measurement, and disclosure. MRI’s lease accounting solution provides a comprehensive platform for organisations to streamline lease administration, enhance financial visibility, and meet regulatory requirements with confidence. MRI has a dedicated team providing lease administration services that helps establish a series of standardised policies and procedures for real estate teams to meet the goals and objectives of the firm, the customers, and the corporate real estate department.”
“We’re extremely proud to be recognised as a Leader of lease accounting and administration solutions in this year’s IDC MarketScape report,” said Patrick Ghilani, Chief Executive Officer of MRI Software. “As the industry evolves, our goal is to continue providing our clients and the overall market with solutions and services to help meet their compliance requirements and optimise complex lease portfolios in a rapidly shifting economic environment. We believe our position in this report further confirms that we’re on the right track.”
The report further notes companies should, “Consider MRI Software if you are searching for a comprehensive and robust solution that supports compliance and is backed by a lease administration team that focuses on developing standardised policies and procedures for real estate teams.”
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilises a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realise their vision of building thriving communities and stronger businesses. For more information, please visit www.mrisoftware.com.
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