News June 23, 2022

Planet Fitness South Africa Selects MRI Software to Manage Lease Portfolio

By MRI Software

Planet Fitness Holdings (Pty) Ltd South Africa is deploying MRI’s lease management software and AI-driven lease abstraction tool to support business growth

CAPE TOWN, South Africa, June 23, 2022MRI Software, a global leader in real estate solutions, announces that Planet Fitness Holdings (Pty) Ltd South Africa has selected MRI ProLease and MRI Contract Intelligence to manage its lease portfolio and support its growth strategy.

Opened in 1995, Planet Fitness has grown significantly in recent years, and today the company has over 48 property leases for health clubs and gyms throughout South Africa. The company’s accounting and property teams required a PropTech solution that could provide an intimate understanding of the entire lease portfolio, down to each renewal date, indexation, break-option and numerous critical clauses per lease. The firm made a strategic decision to move away from spreadsheets and manage its lease liabilities with a tried-and-tested solution for property occupiers.

Brad Dixon, Property Executive, Planet Fitness said, “Using AI to automate lease abstraction and create a centralized database has enabled our accounting and property teams to access trustworthy lease information quickly via an intuitive web application.”

Dixon added, “A software application is only as good as the data it holds, and we needed assurance that all lease data entering the system was accurate. MRI Contract Intelligence was used to cleanse our existing data and will be used to onboard any new leases or addendums. This move now enables superior data-driven decisions on the portfolio, which is invaluable.”

Planet Fitness will implement MRI’s lease management software together with MRI Contract Intelligence, which uses AI to extract lease data directly from scanned lease agreements. Using Contract Intelligence in the lease abstraction process reduces manual error, creates efficiencies, and provides accuracy assurance, allowing property occupiers to focus on strategic activities instead of spending hours or days searching for data in numerous locations to find the trusted source of lease truth.

MRI ProLease lease management software and Contract Intelligence enable Planet Fitness to manage their portfolio strategically and proactively, reducing manual data capture and ensuring the property team never misses an obligation or opportunity with automated reminders and reports for key dates. The company is now empowered with fit-for-purpose software developed specifically for their lease processes, with over 150 standard reports, dashboards for in-depth insight into the portfolio and the ability to create new reports quickly and easily.

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 organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.

Media Contacts

(EMEA for MRI)
Platform Communications
Hugh Filman (+44 7905 044850)
mri@platformcomms.com

(US for MRI)
Rachel Antman (+1 212 362 5837)
rachel@saygency.com

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