Hat-trick of deals as MRI acquires Findspace

MRI Software has acquired commercial leasing platform Findspace as M&A in property innovation heats up.

Based in Toronto, Findspace helps clients fill open space through real-time, integrated space listings for websites. The company said it “combines internal insights with external marketing tools”, allowing users to reach the market and access tenant and leasing information.

MRI said that its latest acquisition is integral to its “vision to help clients in the commercial real estate sector grow and market their business”. Following a raft of recent acquisitions – including workplace safety and security firm WhosOnLocatino – MRI will now work to expand and enhance Findspace’s platform.

MRI’s North American property management platform Property Management X already integrates with Findspace, but the acquisition will allow all of the company’s North American clients to use the leasing product.

Saurabh Abhyankar, chief product officer at MRI, said: “This acquisition significantly enhances our lead-to-lease solution for commercial property managers. It’s especially timely, given the end of lockdowns and an upswing in leasing activity as businesses reassess their space needs.

“By adding Findspace to our product offering, we can give our clients immediate access to a robust marketing solution that allows them to address increased demand while standing out in a crowded marketplace.”

MRI said that it will continue to provide “uninterrupted support” to the owners and property managers that use Findspace.

“Incredibly busy”

The Findspace deal was the third deal in three weeks for property software M&A adviser Lerner Associates – following Yardi’s acquisition of Forge and Aareon’s acquisition of Tilt.

In an announcement last week, the company said: “For the first time ever we have achieved three business sales on behalf of our clients within a three-week period (and indeed within a month).

“The lead up to June and July 2021 has been incredibly busy so kudos and huge thanks to all who provided support on these M&A deals.”

Landlords have kept a close eye on M&A activity in property innovation because integration between different platforms and datasets will bring together what is still a fragmented market.

Lerner said it was “pleasing” that the deals represented a range of functionality and geography. The three transactions spanned the UK, Europe, the US and Canada across residential sales, lettings and management (Tilt); visitor management and access control (Forge); and commercial leasing and listing (Findspace).