Event demonstrates the value of PropTech solutions MRI Living and MRI @Work for the EMEA market and honours clients with the MRI Innovation Awards

London, February 19, 2020 – MRI Software (“MRI”), a global leader in real estate software solutions, announced the European launch of MRI Living and MRI @Work at Ascend London, the organisation’s largest-ever event in the region, held on February 12-13. The comprehensive residential and commercial property management solutions expand on MRI’s existing technologies for the European market, offering clients additional flexibility to meet the shifting demands of the property industry with an innovative PropTech platform.

The MRI Living suite of residential solutions includes flexible portal technology to connect resident communities and improve customer service, while streamlining operations for landlords and property managers. MRI @Work provides an integrated suite of commercial solutions including Lease Intelligence, MRI’s lease abstraction and analysis solution powered by artificial intelligence, enabling clients to save time, improve data quality and gain portfolio insights.

MRI Living and MRI @Work were officially unveiled to over 550 Ascend London attendees – including delegates, technology partners and industry professionals – gathered at etc.venues 133 Houndsditch for two days of keynotes, presentations, seminars, workshops, networking events and exhibits from MRI and its technology partners.

“Ascend provides an opportunity for us to share insights and collaborate with clients and partners to continue shaping the future of PropTech in the UK and the broader European market,” says Dermot Briody, MRI’s Executive Managing Director, Europe. “MRI Living and MRI @Work offer property owners, occupiers and managers a broad set of integrated solutions that help them optimise the efficiency of their entire property portfolios so they can enhance customer service and better navigate the evolving market.”

MRI also revealed that its asset management solution, Investment Central, will be launched in Europe at MIPIM 2020 March 10-13 in Cannes, France, where visitors to its stand (R7.C13) can view a live demonstration or book a private meeting. Investment Central enables developers, syndicators and investors to manage real estate investments and create more informed portfolio strategies – allowing users to consolidate disparate investment data and documents to support comprehensive risk management and efficient reporting to stakeholders.

The European winners of the MRI Innovation Awards were also announced at Ascend London. These awards recognised six clients and one partner for their achievements and success in leveraging the company’s open and connected software solutions. The MRI Innovation awards are presented at MRI users conferences around the world to honour the innovation of its clients globally.

2020 MRI Innovation Award recipients in Europe:

• Flexibility: Recognising clients who best utilise MRI tools and the Partner Connect ecosystem to create a single experience of software excellence for their business – Winners: Knight Frank; and Legal & General Investment Management
• Ambassador of the Year: Recognising individuals who embrace their membership in the MRI community by providing guidance, support, and/or ideas to their colleagues and the industry as a whole – Winners: Cecilia Crump, South West Yorkshire Partnership NHS Trust; and Nathan Spitzer, Alliance Managing Agents
• Community: Recognising clients who help the wider user community by working alongside MRI on new developments and service offerings – Winner: Grosvenor Estate
• Project of the Year: Recognising a major project with a significant impact on the client’s operations and strategy, as well as the range of functionality and services being delivered by the MRI Professional Services team – Winner: The Arch Co & Network Rail
• Partner of the Year: Recognising partners who use their partnership with MRI Software to go above and beyond in reaching new audiences, creating new integration points, and generating more demand from clients – Winner: Fixflo

Ascend London follows a highly successful North American MRI Ascend users conference in Anaheim, California in October, which saw a range of new solution launches. MRI Ascend APAC will take place in Sydney, Australia on 13-14 May and MRI Ascend Africa will follow in Johannesburg, South Africa on 10 June.

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 modelling 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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
Rachel Antman
rachel@saygency.com
+1 212-362-5837

Hugh Filman, Zoe Mumba or PJ Chou
Platform Communications
mri@platformcomms.com
+44 20-7486-4900

Harvest Partners joins GI Partners and TA Associates in backing MRI’s mission to help real estate companies improve operations and maximize portfolio value through an open PropTech ecosystem

Solon, Ohio – January 15, 2020 – MRI Software, a global leader in real estate software solutions, announces that funds managed by Harvest Partners, LP, a leading private equity firm, are making a substantial strategic investment in the company. Harvest Partners joins existing investors TA Associates and GI Partners as institutional shareholders in MRI. At the same time, TA Associates is also making a significant new investment in the business. These investments will enable MRI to bolster innovation across its end-to-end offering, accelerate growth, extend its global footprint and deliver on its mission to create an open technology environment for the real estate industry.

Patrick Ghilani, MRI’s Chief Executive Officer, comments: “Harvest is an experienced investor with a long-term perspective that will help MRI continue to meet the growing and evolving needs of our clients, innovate our software portfolio and provide world-class global service. We believe the added capital will further the development of our comprehensive software portfolio and allow for strategic add-on acquisitions to meet the needs of a rapidly changing market. Our management team is invigorated to continue our mission in this new decade with the support of these three experienced investors.”

Today, MRI has more than 8,500 enterprise clients, representing over two million users, who rely on the company’s applications to run their daily real estate operations. MRI has experienced unprecedented growth over the last three years, both organically and through strategic acquisitions, resulting in a more than tripling of the size of the business. Over the same timeframe, the number of MRI employees has more than doubled to 1,450.

MRI has significantly expanded its global footprint with major strategic acquisitions in the United Kingdom, South Africa and Australia. The company has also made key acquisitions that strengthen its product offering and capacity for future innovation, including Leverton, a pioneer in artificial intelligence for the real estate sector, and ProLease, which enhanced capabilities aimed at helping corporate occupiers manage lease administration and analysis while meeting new global accounting standards. MRI now serves clients in more than 170 countries from 30 locations around the world, including Cleveland, Atlanta, Boston, Toronto, London, Cape Town, Singapore, and Sydney.

Hythem T. El-Nazer, Managing Director of TA Associates, says: “Since making our investment in MRI in June 2017, the business has accelerated its growth via continued innovation in new applications and through strategic acquisitions that have extended its global footprint. We are excited about making a further investment in MRI alongside Harvest and are thrilled to continue to back Patrick Ghilani and his leadership team.”

Travis Pearson, Managing Director of GI Partners, adds: “Since GI Partners first invested in MRI in June 2015, the company has demonstrated the ability to capitalize on new investment and deliver innovation, accelerated organic growth and a compelling global competitive position. We appreciate the outstanding leadership that Patrick and the rest of the MRI executive team have delivered and look forward to the company’s next stage of growth.”

Andrew Schoenthal, Partner at Harvest Partners, notes: “We could not be more excited to support MRI on the next phase of their journey. We have watched MRI’s success over the years and are pleased to have the opportunity to be a part of it. We look forward to partnering with management, TA Associates and GI Partners to continue to build the leading provider of real estate software solutions globally.”

TA Associates, GI Partners and Harvest Partners will have equal representation on the MRI Board of Directors. UBS is acting as the exclusive financial advisor and Kirkland & Ellis and Goodwin Procter are acting as legal advisors to MRI Software, GI Partners and TA Associates during the transaction. White & Case is acting as legal advisor to Harvest Partners.

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 modelling 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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.

About Harvest Partners
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & consumer, healthcare, industrial services and manufacturing & distribution sectors. This strategy leverages Harvest Partners’ 35+ years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit harvestpartners.com.

About GI Partners
Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised $20 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the Healthcare, IT Infrastructure, Services, and Software sectors. The real estate team invests across a broad range of platforms and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.

About TA Associates
TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

MEDIA CONTACTS:
Hugh Filman, Zoe Mumba or PJ Chou
mri@platformcomms.com
+44 20-7486-4900

Rachel Antman
rachel@saygency.com
+1 212-362-5837

The CT Group, Harbor Group Management, Urban Edge Properties and insightsoftware are presented with awards at MRI’s Ascend users conference in Anaheim

Solon, Ohio – October 18, 2019 – MRI Software (“MRI”), a global leader in real estate software solutions, announced the recipients of the second annual MRI Innovation Awards at its Ascend users conference, which was held in Anaheim on October 13-16. The awards, which were presented in the general session on the second day of Ascend, address four categories: Community, Flexibility, Ambassador of the Year and Partner of the Year. They honor MRI clients and partners that have leveraged the company’s open and connected software and extensive partner network to elevate their business and gain a competitive advantage.

“This is the second year in which we are honoring our community of clients and partners – who are at the core of everything we do – for their outstanding work and dedication to leveraging innovation to provide value to their customers,” said MRI Software Chief Executive Officer Patrick Ghilani, who presented the awards along with Chuck McDowell, Senior Vice President of Commercial and Financial Solutions. “This year’s award winners have been champions of the open and connected approach to software, dedicated to pushing industry boundaries and getting the most out of technology to gain insight, efficiency and a competitive edge.”

2019 MRI Innovation Award recipients:

Community: The CT Group
The CT Group, which provides asset and property management services for owners of affordable/moderate income rental housing, has been instrumental in providing ideas and feedback to MRI that support the development of advanced Affordable Housing solutions. In working with MRI, the CT Group has participated in beta testing and helped shape MRI training procedures to better meet the needs of the industry.

Flexibility: Harbor Group Management
Harbor Group Management Co., LLC (Harbor Group Management), a leading property management company in the multifamily and commercial sector, has made innovative use of MRI’s flexibility and openness to create a unique software ecosystem for its business. Harbor Group Management has successfully streamlined workflow across the business through real-time integrations between MRI and multiple partner and non-partner solutions. The team also provides valuable user feedback on ways MRI can evolve and enhance its products, helping contribute to future innovations for real estate technology.

Ambassador of the Year: Cecilia Li, Urban Edge Properties
Cecilia Li is Senior Vice President of Information Technology at Urban Edge Properties, a real estate investment trust (REIT) that acquires, develops, owns, manages and improves shopping centers in and on the edge of urban communities. She has helped her company implement and harness a unique retail technology infrastructure, allowing it to make huge strides towards fulfilling the company goal of complete efficiency. A leading industry influencer, Li shares MRI’s commitment to a flexible and open ecosystem, seeing it as integral to her approach to technology.

Partner of the Year: insightsoftware
insightsoftware, a global leader in enterprise resource planning (ERP) and enterprise performance management (EPM) reporting solutions, was recognized as an outstanding member of MRI’s Partner Connect program. The partnership has resulted in commercial success through close collaboration and shared commitment to providing flexibility and choice for mutual clients. The integration between insightsoftware’s Spreadsheet Server and MRI allows users of the two technologies to easily view real-time data and improve reporting efficiency. The company has demonstrated strong dedication to working with MRI to develop deep integrations that help clients gain insights and transparency.

“It’s an honor to be recognized as MRI’s 2019 Partner of the year,” said Tonya Cannady, Senior VP of Partnerships for insightsoftware. “Continued collaboration with MRI enables insightsoftware to deliver increased value and drive successful business outcomes for MRI’s customers.”

The MRI Innovation Awards and MRI Ascend took place in the Anaheim Convention Center. Ascend has brought together 1,300 MRI staff and users – including representatives of more than 60 technology partners – for four days of keynotes, presentations, networking events, seminars, workshops and exhibits on MRI and its real estate ecosystem. The US conference will be followed by sister events in the UK, Australia and South Africa in 2020.

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 modelling 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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
Rachel Antman
rachel@saygency.com
+1 212-362-5837

MEDIA CONTACTS:
Hugh Filman, Zoe Mumba or PJ Chou
Platform Communications
mri@platformcomms.com
+44 20-7486-4900

Announces innovations that further optimize the user experience for both clients and their customers and enhance integrations, workflow and access to MRI and third-party apps

Anaheim, California – October 14, 2019 – MRI Software (“MRI”), a global leader in real estate software solutions, announced a range of key new solutions during the opening general session of MRI Ascend, its North American users conference, held in Anaheim on October 13th through 16th. The announcement underlines MRI’s continuing commitment to both innovation and an open and connected approach to real estate software. The announced products bring new payment, lead management, lease intelligence and secure signature capabilities to MRI’s comprehensive portfolio, while offering a more modern, consumer-oriented user experience (UX) for both clients and their customers – along with greater choice and flexibility than ever.

The new solutions were unveiled live during the general session of the Ascend users conference at the Anaheim Convention Centre, where some 1,300 attendees – including representatives of more than 60 technology partners – have converged for four days of keynotes, presentations, seminars, workshops, networking events and exhibits from MRI and its real estate ecosystem. The North American conference, which will be followed by sister events in the UK, Australia and South Africa in 2020, comes as MRI continues to enjoy rapid growth, with revenues rising by 27% in the first half of 2019 compared to the same period last year and bookings (sales for future business) up by 37% year over year.

“Ascend creates a unique atmosphere where we can listen, learn and collaborate with clients and partners and define what it means to succeed in the ever-changing real estate technology landscape,” says Patrick Ghilani, MRI’s Chief Executive Officer, who addressed the event’s general session. “The record number of innovations we’re launching at Ascend is indicative of the growing global momentum of proptech as well as the increased adoption of and demand for flexibility and choice in real estate tech.”

The announced solutions promise to further empower MRI clients to create a software ecosystem that suits their needs and preferences, while providing a range of benefits that boost efficiency, streamline processes and equip real estate players to meet future changes in the industry.

MRI Application Gateway is the new consumer-friendly, app-based homepage for all MRI and third-party solutions to which a user has access, providing:

• icons on the homepage that give the MRI user interface the familiar look and feel of a smartphone or tablet;
• a launch screen that can be tailored to make any and all applications available to users via a click, creating a singular user experience;
• a unified point of entry for all MRI-related applications through secure, single sign-on access
• the ability to add new applications from MRI’s own portfolio or its vast partner network.

MRI Payments is a comprehensive payment-processing solution that supports online and check payments for residential properties, offering:

• a robust digital payments platform that simplifies the experience for site managers, prospects and residents;
• complete visibility into all transactions with a dashboard that tracks payment trends as well as alerts and notifications;
• the ability for all transactions to be processed via a fully integrated solution, making it easier to ensure on-time payments, reduce workload and errors, and simplify the approval and onboarding process;
• support for more traditional check and money order payments as well as cash-based payments;
• a new option in an array of easy-to-integrate payment systems available in the MRI ecosystem.

MRI Lead Management integrates and extends the capabilities of Dynamic Lead Solutions, which was acquired by MRI in June, and brings leading-edge technology for tracking and engaging potential residents into the MRI Living suite of residential solutions in order to:

• give owners and operators a comprehensive set of tools to manage prospects from lead to lease;
• inform strategic decisions in marketing, leasing, staffing and operations;
• offer a road-tested solution that supports a customer-centric approach, helping improve the renter experience and maximize occupancy.

MRI Lease Intelligence brings AI-powered lease abstraction into the MRI @ Work suite of commercial solutions through the integration of Leverton and MRI. Acquired by MRI in July, Leverton enables commercial property owners, operators and occupiers to:

• efficiently extract lease data and analyze it to gain insights;
• ensure data accuracy by directly integrating MRI Lease Intelligence with MRI property management solutions;
• increase transparency and auditability of extracted lease data.

MRI Secure Sign leverages the capabilities of CTM Software, acquired by MRI in February, and enables clients to create and send their real estate documents for signature easily and efficiently with purpose-built integrations from within the MRI platform, providing:

• the ability to generate a document workflow and a dynamic document template, enabling documents to be sent to multiple recipients in a specific order from a single send;
• an integrated user experience for initial document flow and signing and for managing these so that contractual agreements are stored effectively within the system for future reference.

Ghilani concludes: “As the real estate industry continues to evolve, our innovative suite of open and connected solutions will give MRI clients the flexibility to stay ahead of the curve. Bringing together MRI, partner and other third-party solutions into a single user experience enables clients to directly access the exact mix of applications they want, making it easier than ever to create the unique ecosystem that works best for their business.”

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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
Rachel Antman
rachel@saygency.com
+1 212-362-5837

Hugh Filman, Zoe Mumba or PJ Chou
Platform Communications
mri@platformcomms.com
+44 20-7486-4900

Acquisition extends MRI footprint in ANZ while adding new solutions for the rental and multi-owner, multifamily property management space

Solon, Ohio – August 1, 2019 – MRI Software (“MRI”), a global leader in real estate software solutions, announces that it has acquired Rockend, the market-leading provider of residential property and strata management solutions for the Australian and New Zealand (ANZ) PropTech sector. The acquisition significantly expands MRI’s offering in the ANZ market and brings the largest residential footprint in Australia into the MRI fold, bolstering the company’s established presence as a real estate technology trailblazer.

Rockend is the leading real estate technology provider in the ANZ residential property management rental and strata sector with close to 6,000 clients. The company’s solutions are used by real estate agencies in ANZ to manage more than 1.5 million rental properties and by strata businesses to manage 750,000 strata lots in the region. Strata lots are multi-owner, multifamily residential communities that use Rockend technology for the management and upkeep of each property complex, including strictly regulated funds earmarked for ongoing maintenance, insurance and other common costs.

“Acquiring Rockend represents a milestone in our global growth strategy, and it substantially extends MRI’s footprint in ANZ while paving the way for enhanced innovation and future expansion,” says Patrick Ghilani, Chief Executive Officer of MRI Software. “The acquisition fits perfectly within our area of expertise and gives MRI clients in the region access to even more local resources across our comprehensive range of solutions. Rockend clients will likewise benefit from being part of a global provider with a broader set of offerings.”

MRI became the first major real estate software provider to serve ANZ when it entered the market in 1995, and today its commercial, residential and real estate investment software is used to manage more than 90,000 commercial lease units and over 62 million square meters of property.

“Acquiring Rockend greatly extends our capabilities in the multi-owner, multi-family and residential property management space, enhancing and extending the MRI residential solutions suite,” notes John Ensign, President and head of international operations at MRI Software. “What’s more, going forward Rockend’s expertise and technology in the strata and community management marketplace can be applied to other geographies with similar needs – such as managing condominiums.”

Headquartered in Sydney, Rockend is a proven innovator in residential property management software, launching ANZ’s first online solution for this marketplace, Property Tree, a cloud-based property management application, covering operations, communications and accounting – allowing anywhere, anytime access with intuitive functionality. Other Rockend solutions include Rest Professional, its server-based property management application, and Strata Master, its software for owner associations to manage accounts, maintenance and board/owner meetings – automating everyday tasks, simplifying compliance and improving customer service.

Alister Maple-Brown, Rockend’s Chief Executive Officer, says: “Demand for property and strata management solutions has surged as housing construction has boomed in Australia and New Zealand, particularly in the major cities. Joining an established global player with the scalability to meet that demand, take our technology to new markets and provide access to a broad range of related PropTech innovations to our local customers will help strongly position Rockend for continued growth. Additionally, MRI’s commitment to innovation and the industry is very much in line with the Rockend values.”

By bolstering MRI’s market presence in ANZ, increasing staff as well as expanding its offering, the acquisition of Rockend will enable the combined companies to serve clients in the region even more effectively.

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 modelling 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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
Hugh Filman, Zoe Mumba or PJ Chou
mri@platformcomms.com
+44 20-7486-4900

Rachel Antman
rachel@saygency.com
+1 212-362-5837

Addition of ProLease and ProCalc software bolsters MRI’s expertise in corporate occupier market and expands property and equipment lease administration capabilities

Solon, Ohio – July 31, 2019 – MRI Software (“MRI”), a global leader in real estate software solutions, announces that it has acquired ProLease, a leading provider of lease administration, lease accounting, lease analysis and workplace management applications. ProLease’s intuitive and comprehensive software suite extends MRI’s corporate occupier and integrated workplace management offering, providing easy-to-implement solutions that enable real estate, facilities and accounting departments to manage both property and equipment leases while meeting new global accounting standards.

MRI has seen significant growth of its occupier solutions globally, particularly in the EMEA region. The acquisition of ProLease will support continued growth across all geographic markets and add a sizeable install base of marquee occupier clients in North America. The ProLease solution enables corporate occupiers and lessees to address their wider workplace, maintenance, and even project management needs.

Chuck McDowell, MRI’s Senior Vice President of Commercial and Financial Solutions, comments: “ProLease perfectly complements and enhances our strengths and capabilities within our financial and accounting solutions. This easy-to-use solution is designed for accountants by accountants, and it further enhances MRI’s ability to provide a broad range of organizations with the financial tools to meet the new lease accounting standards. Additionally, it expands our robust financial suite by adding capabilities that will benefit clients outside the corporate occupier sector.”

MRI’s acquisition of Stamford, Connecticut-based ProLease comes on the heels of MRI acquiring LEVERTON, a leading artificial intelligence (AI)-powered data extraction solution for leases and corporate documents. Taken together, these acquisitions reinforce MRI’s commitment to empowering real estate occupiers, owners, and operators to save time and money and make better business decisions.

The ProLease acquisition will also bolster MRI’s capacity to help clients manage leases for equipment such as vehicle fleets, copiers, forklifts, and industrial machinery. The new accounting rules have a major impact on the management of equipment leases, which can be complex and difficult to track. ProLease was one of the first solutions updated to address the new global Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting standards (ASC-842 and IFRS 16). The company has worked closely with the FASB and IASB to ensure its software enables compliance.

“The change in accounting standards has driven public and private companies to reexamine their current processes and identify more efficient solutions for managing their lease portfolios,” says Alan Bushell, ProLease’s Chairman and Chief Software Architect. “We are pleased to become part of an organization like MRI that shares our commitment to innovation, which will empower our team to continue making advancements around effective lease management and accounting technology.”

ProLease serves more than 700 clients across 40 industries, including real estate, retail, healthcare, government and education. Clients, which include 3M, Citrix, Clear Channel, Del Monte, Penske and Yale New Haven Health, enjoy the ability to create lease capitalization schedules, run disclosure reports, and generate journal entries, which can be integrated with an organization’s general ledger. They can easily track real estate leases, manage all types of assets, automate maintenance workflow, manage projects, and analyze and compare leases. MRI’s acquisition of ProLease encompasses all six of the company’s modules: real estate, equipment, lease accounting, workplace, maintenance, project, as well as ProCalc lease analysis software. ProCalc is used by Newmark Knight Frank, Jones Lang LaSalle, Cushman & Wakefield, Colliers International, CBRE and more.

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 modelling 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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
Rachel Antman
rachel@saygency.com
+1 212-362-5837

Hugh Filman, Zoe Mumba or PJ Chou
Platform Communications
mri@platformcomms.com
+44 20-7486-4900

Acquisition of global PropTech innovator with market-leading lease abstraction solution strengthens MRI’s end-to-end offering, while saving clients time and money

Solon, Ohio – July 31, 2019 – MRI Software (“MRI”), a global leader in real estate software solutions, announces that it has acquired LEVERTON, a leading artificial intelligence (AI)-powered data extraction solution for real estate and corporate documents. The acquisition bolsters MRI’s comprehensive and flexible offering and gives property owners, service providers, and corporate occupiers broader access to LEVERTON’s market-leading automated lease abstraction application. With LEVERTON, organizations are able to more quickly and efficiently turn unstructured information in leases and other corporate and legal documents into data sets that can be mined for actionable insights, leading to better business decisions and improved operational efficiencies.

“The acquisition of LEVERTON brings a true innovator and global PropTech leader into the MRI family, with expertise in the application of AI to real estate data collection, management, and analytics,” says Patrick Ghilani, MRI’s Chief Executive Officer. “Going forward, we will incorporate AI-driven ‘LEVERTON intelligence’ into the very fabric of MRI’s DNA, enhancing our singular customer experience by enabling clients throughout the world to tap into data across the MRI ecosystem. The result: smarter business solutions that generate fresh and powerful insights.”

Using proprietary optical character recognition technology and AI-based, deep learning algorithms to “read” and capture thousands of data points from multiple sources in up to 25 languages – which can include scanned paper, PDFs, and processable documents with inconsistent standards – LEVERTON creates searchable, structured data sets that provide a clear and accurate picture of a business’ real estate assets. The cloud-based AI engine positions real estate owners, operators, and occupiers to optimize their handling of contracts, run operational teams more efficiently and process transactions faster – enabling them to more effectively manage revenue and expense streams across property portfolios. The ability to create transparent, accurate and auditable lease portfolios has become critical for companies with real estate assets working to comply with global accounting standards such as IFRS 16 and ASC 842.

“LEVERTON leverages AI to successfully tackle the problem of virtual – and even real – filing cabinets full of leases and other key documents trapped as unstructured and unsearchable data,” says Russ Butler, MRI’s Chief Technology Officer. “Put simply, it provides easy access to difficult data, saving companies time and money.”

As it scans leases and related documents, the LEVERTON AI engine “learns” to spot key data points such as start and end dates, critical options and renewals, and rates per square foot. The AI can also take in variables such as whether utilities are included or excluded, property tax, and common area costs such as general maintenance, security and landscaping – and it self-adjusts as it applies new learnings. Once extracted, lease and other data can then be analyzed for trends and patterns to uncover hidden insights that guide negotiation strategies, reduce administration costs, boost efficiencies and uncover revenue opportunities such as rent-roll comparisons and anomaly detection of key lease terms.

“Artificial intelligence and machine learning are among an array of innovations driving both disruption and opportunity in PropTech,” Butler adds. “MRI has already been utilizing AI-based automation within our Data Management Services for financial and investment data processing. This acquisition adds another dimension to our capabilities and, looking ahead, MRI’s open architecture will support a tightened integration with the lease abstraction solution while enabling us to leverage LEVERTON intelligence across other use cases to deliver new efficiencies and value for clients.”

Abhinav Somani, LEVERTON’s Chief Executive Officer sees bringing its AI solution into MRI’s broader application suite as a logical next stage in its evolution: “Demand for data intelligence has surged within the real estate sector and joining a PropTech category founder with a market-leading end-to-end offering gives us the scalability we need to extend our global reach. What’s more, MRI’s open and connected approach fosters innovation from all sources and empowers companies to solve complex problems in their own way, making it the perfect strategic and cultural fit for LEVERTON intelligence. We’re just beginning to scratch the surface of what AI can do for companies all over the world and being part of the MRI family will allow us to take our solutions and offerings to the next level.”

Prior to the acquisition, LEVERTON was an MRI partner for more than two years and is already used by several MRI clients as part of their integrated property management system. One of these clients, Derwent London, a leading office investor and regenerator, estimates that the use of LEVERTON intelligence has resulted in 60% to 70% savings of time previously spent in document review. Says Jennifer Whybrow, Head of Financial Planning and Analysis at Derwent London: “We are pleased to be working with LEVERTON to speed up and improve the way we capture key commercial lease terms. We are always looking for ways to improve our business through innovation and leveraging the power of AI to achieve operational efficiencies fits with that ethos.”

Founded in 2012 with offices in New York, London and New Delhi, LEVERTON has more than 100 global corporate and investor clients, including JLL, Savills, RSM, Zurich Alternative Asset Management, and Danaher. LEVERTON’s Software as a Service (SaaS) solution has an easy-to-use, web-based interface, with more than 5,000 users around the world and roughly 500,000 documents processed to date. In addition, LEVERTON offers its technology as an engine through its advanced APIs and AI as a Service (AIaaS) offering.

For LEVERTON clients, it will be business as usual. The company will continue to support customers in its other industries such as healthcare, insurance, legal, financial, as well as real estate. MRI champions an open and connected ecosystem enabled by its extensive and growing global partner network; it remains committed to offering choice in terms of integrating LEVERTON with third-party enterprise resource planning and property management technology solutions.

Kirkland & Ellis LLP acted as MRI Software’s legal counsel for the transaction. Canaccord Genuity acted as LEVERTON’S financial advisor for the transaction.

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 modelling 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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
Rachel Antman
rachel@saygency.com
+1 212-362-5837

Hugh Filman, Zoe Mumba or PJ Chou
Platform Communications
mri@platformcomms.com
+44 20-7486-4900

Solon, Ohio – June 19, 2019 – MRI Software (“MRI”), a global leader in real estate software solutions, announces that its Chief Executive Officer, Patrick Ghilani, has received the Julie Devine Digital Impact Award in honor of his contributions to the real estate industry at the 2019 Realcomm Digie Awards. The awards took place on June 13 at Realcomm 2019 in Nashville, a conference that celebrates the intersection of technology, innovation and real estate operations.

The Julie Devine Digital Impact Award, named after a late partner of Realcomm, is given to the most innovative thought-leaders in the commercial real estate industry each year. “This award is designed to acknowledge those individuals who saw things ahead of their associates, had the courage to leave the mainstream and the tenacity to keep standing up after many failed attempts,” said Jim Young, co-founder and CEO of Realcomm. “History proves that we cannot accomplish major change without these innovators.”

Ghilani said after receiving the award: “I want to thank Realcomm for this great honor and for recognizing the MRI vision, which encompasses an open and connected approach that fosters innovation and provides flexibility and choice for commercial real estate players. Groundbreaking innovations don’t just come from a few dominant players but from a range of sources that include established technology pioneers and new startups that are honing specialist solutions. I also want to thank the MRI team for making this revolution in openness and interoperability a reality.”

The Realcomm Digie Awards recognize companies, real estate projects, technologies and individuals that have positively impacted the Real Estate industry through their intelligent and effective use of automation and innovation.

Ghilani’s Digital Impact Award came on a night when an MRI client, Urban Edge Properties, also received a Digie for Best Use of Automation in Property/Facility Management.

“It is great to see clients being recognized for making the most of technology,” Ghilani notes. “It is vital for the real estate industry to embrace new advances. There’s a real change occurring as more and more businesses see leveraging technology as a way to run more efficient businesses and even gain a competitive advantage.”

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 modelling 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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com

About Realcomm
Realcomm Conference Group, LLC is a worldwide event and media company at the intersection of technology, innovation and Commercial and Corporate Real Estate. Through our annual conferences, CIO forums, webinars, workshops, weekly advisory, marketplace and other strategic services, Realcomm provides networking and collaboration opportunities, while educating industry professionals about the latest business solutions and technologies to improve Commercial and Corporate Real Estate design, construction, leasing, operations, transactions and use.

MEDIA CONTACTS:
Rachel Antman
rachel@saygency.com
+1 212-362-5837

Zoe Mumba
Zoe@platformcomms.com
+44 20 7486 4900