GI Partners has agreed to acquire Solon, Ohio-based MRI Software LLC, a provider of real estate property and investment management software solutions. The seller is Vista Equity Partners. No financial terms were disclosed.
SAN FRANCISCO, June 3, 2015 – GI Partners (“GI”), a leading middle market private equity firm, announced that it has signed a definitive agreement to acquire MRI Software LLC (“MRI”), a leading global provider of real estate property and investment management software solutions, from Vista Equity Partners (“Vista”).
Upon closing the transaction, GI will assist MRI as it executes a strategic growth plan, which is driven by continued innovation of its flagship property management and accounting solution, expand into new markets with recently acquired Cougar Software, and build exceptional relationships and integrations with a fast growing partner network. GI will work closely with MRI’s experienced senior management team to continue to invest in the business and its dedicated employees, and support this next phase of the company’s growth.
Since its founding in 1971, MRI has been a leading provider of innovative software solutions for the global real estate industry. The company offers its clients comprehensive and configurable solutions, from property-level management and accounting to complex, long-range financial modeling and analytics for both the commercial and multifamily real estate markets. Headquartered in Solon, Ohio, MRI has international offices in Toronto, London, Sydney, Singapore, and Hong Kong.
Travis Pearson, Managing Director of GI Partners said, “GI Partners was drawn to MRI’s unique and leading position in the real estate industry, an end market we know very well. The management team has built a world-class enterprise through both organic growth and the successful integration of several strategic add-on acquisitions over the past four years to further develop its product offerings. In our discussions with the MRI team, we have already identified several significant growth opportunities for the company, including expansion into new geographies and applications, and we look forward to working with Patrick Ghilani and his talented team to capitalize on these opportunities.”
Patrick Ghilani, CEO of MRI, said “MRI is one of the strongest, most dynamic brands in real estate software because of our relentless passion for delivering real value to our clients through exceptional products, services, and relationships. We could not be more pleased to have GI Partners alongside us during these exciting times at MRI. GI’s talented team, real estate experience, and commitment to growth, complement and strengthen the direction we have outlined to our valued clients and partners around the globe. MRI and GI are tightly aligned and committed to ensure that the entire MRI family experiences the success and rewards intended by this transaction. I wanted to thank Vista for being a great partner over the last five years and look forward to forging our new partnership with GI.”
MRI represents the fourth portfolio investment in GI Partners Fund IV, a $2 billion fund raised in 2014.
MRI offers property management software solutions to the global property management and investment industries. As a leading provider of real estate enterprise software applications and hosted solutions, MRI serves the global multifamily and commercial property industries, helping them improve their bottom line and maximize their returns on their diverse business portfolios. MRI leverages its more than 40 years in business to develop long-term successful relationships with its clients. For more information, please visit www.mrisoftware.com.
About GI Partners
Founded in 2001, GI Partners is a leading private investment firm based in San Francisco. The firm currently manages over $11 billion in capital commitments through middle market private equity and select real estate strategies for recognized institutional investors across the globe. GI Partners is active in a number of key sectors, including Technology, Media & Telecommunications, Healthcare, Retail & Leisure, and Financial & Real Estate Services. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $14 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.