MRI Software, a global real estate software firm, has acquired Leverton, an AI-powered data extraction tool for real estate and corporate documents.
The acquisition gives property owners, service providers, and corporate occupiers wider access to Leverton’s automated lease abstraction application, to turn unstructured information in leases and legal documents into data sets that can be mined for insights.
MRI offers a diverse range of products from facilities management for building owners, to the automation of lease calculations for commercial professionals.
Patrick Ghilani, MRI’s CEO said: “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.”
As it scans leases and related documents, Leverton’s engine spots data points such as start and end dates, renewals, and rates per square foot. The AI also looks for variables such as whether utilities are included or excluded, property tax, and general maintenance, security and landscaping costs.
The data can be analysed for trends to uncover insights to help negotiation strategies, reduce admin fees, improve efficiencies and uncover revenue opportunities such as rent-roll comparisons and anomaly detection of key lease terms.
Abhinav Somani, Levertons’ CEO 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.”
Prior to the acquisition, Leverton was an MRI partner for more than two years and is already used by several MRI clients. One client being Derwent London, an office regenerator, which estimates that the use of Leverton has resulted in 60% to 70% savings of time previously spent in document review.
Leverton will continue to support customers in its other industries such as healthcare, insurance, legal, financial, as well as real estate.
MRI has also acquired ProLease, a provider of lease administration, accounting, analysis and workplace management applications, and Rockend, a provider of residential property and strata management solutions for Australian and New Zealand.
ProLease offers tools that enable real estate, facilities and accounting departments to manage both property and equipment leases while meeting new global accounting standards.
The acquisition of ProLease will improve MRI’s ability to help clients manage leases for equipment such as vehicle fleets and industrial machinery. The new accounting rules have a large impact on the management of equipment leases, which can be complex and difficult to track.
Alan Bushell, ProLease’s chief software architect said: “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.”
Rockend is used by real estate agencies in ANZ to manage more than 1.5m 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.
John Ensign, president and head of international operations at MRI Software said 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.”
“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.”
It’s been a busy summer for MRI, in June the firm also acquired Dynamic Lead Solutions which tracks and engages with potential residents and analyses market returns.