Ghilani Patrick MRI software 1

MRI strengthens war chest as buying spree continues

The acqusitive property software supplier has completed a ‘substantial strategic investment’ deal with Harvest Partners, a private equity firm, to fund growth through acquisition following a year of takeovers.

MRI’s range of software covers property management, sales and lettings, financials and accounting, investment management, occupiers and leases and facilities management.

Patrick Ghilani, MRI’s chief executive, commented: “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.”

Last year MRI’s takeovers included Australian rival Rockend, document-reading tech Leverton, and residential specialists Dynamic Lead Solutions and Engage Property Technology.

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 are aimed at enabling 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.

Today, MRI has more than 8,500 enterprise clients in 170 countries, served from 30 offices, 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.

Hythem T El-Nazer, managing director of TA Associates, said: “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, added: “Since GI Partners first invested in MRI in June 2015, the company has demonstrated the ability to capitalise 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.

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More acquisitions on the way, double in size by eoy. These new investors are going to IPO (get a giant cash raise) then bail.

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