MRI Software LLC Records 38% Increase in Bookings and 81% Increase in New Clients in 2017; Company Further Expanded with Seven Acquisitions, 27 Additions to its Partner Connect Program, Three New Solutions, and Capital Investment from Private Equity Firm
SOLON, Ohio – Feb. 22, 2018 – MRI Software LLC (“MRI”), a global leader in real estate software solutions, today announced significant growth in its core business, driven by a strong market desire for a real estate software platform that offers the freedom to connect with other vendors’ software to create a solution that meets unique business needs.
In 2017, MRI’s core business (i.e., not including revenue and clients from the six acquisitions it made in the second half of 2017), saw a 38 percent increase in bookings and 81 percent growth in new clients over 2016. In the fourth quarter of 2017, MRI experienced 64 percent bookings growth and a 42 percent increase in new clients over the same period in the previous year.
In addition to its core business growth, MRI acquired seven companies over the course of 2017, expanding the company’s global reach and product offerings with new, complementary and enhanced solutions:
- ResidentCheck (February): A provider of resident screening for the multifamily real estate industry
- Real Asset Management (September): A supplier of asset management software, including asset and lease accounting, tracking, and maintenance management
- Qube Global Software (October): A UK-based supplier of property and facilities management software
- Tenmast Software (October): A provider of public housing authority (PHA) and private affordable housing management software
- HAB, Inc. (October): A provider of innovatively simple housing management software for public housing authorities (PHA)
- eCondoSystems (October): A provider of cloud-based software solutions for the condominium development and sales sector
- MDA Property Systems (December): A property management and accounting software company based in Cape Town, South Africa
In the midst of rapid expansion via acquisition and organic growth, MRI’s business is ultimately built on a commitment to an open architecture strategy that empowers clients to deploy the best solutions to match their unique needs. This makes MRI’s Partner Connect program – the ecosystem that supports MRI’s open and connected platform – one of the greatest indicators of the company’s health. In 2017, MRI added 27 new partners to the program, 17 percent more than it added in the prior year.
Additionally, MRI welcomed 59 partners to its International Users Conference, a 16 percent increase over 2016, and co-hosted 11 partner events and 22 partner webinars. MRI’s clients are ultimately the ones that benefit from these partner relationships as MRI has created 132 new APIs over the past year, making it easy for clients to integrate software from Partner Connect vendors. MRI now has more than 350 APIs in its library.
During 2017, MRI expanded its product family with three new solutions:
- MRI AnalytiX: A powerful business intelligence (BI) solution built for real estate that empowers users to visualize complex data easily, identify trends, and, ultimately, make better, faster decisions around property management, finance and investments
- MRI Inspections, powered by HappyCo: A mobile inspections solution that provides real-time intelligence to reduce costs, optimize turn, and drive quality assurance across multifamily real estate portfolios
- MRI Fixed Assets: A comprehensive solution for real estate owners and operators to better manage accounting, maximize tax benefits, improve compliance, and increase the ROI of their assets
Finally, in May, MRI received a strategic investment from TA Associates, a leading global growth private equity firm, which joined GI Partners in ownership of MRI.
“2017 was the most exciting year we’ve ever had at MRI, and not just because of how quickly we’ve grown, but also because our commitment to an open and connected platform is strongly resonating in the marketplace,” said Patrick Ghilani, Chief Executive Officer at MRI Software LLC. “While we’ve become much larger in terms of our global physical presence and have expanded and improved our offerings vertically, we view that as an opportunity to continue executing our strategy of offering clients the freedom to choose the best software to create the perfect solution for their business. The 2017 results speak for themselves, laying an incredible foundation for even greater achievement and client success in 2018.”
About MRI Software
MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses-from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.