9:45am, DECEMBER 5, 2018
MRI Software ("MRI"), a global leader in real estate software solutions, announces the acquisition of Thesaurus Technology, the UK-based provider of cloud-based, self-service software for residential sales and lettings agents. The acquisition, revealed today at MRI’s International Users Conference in London, enhances the company’s technology choices for residential property agents, developers, owners and investors in the UK, from smaller-scale systems for local businesses up to fully-tailored, enterprise-level options for the largest organisations.
"We believe in the power of technology to help property businesses of any size identify commercial opportunities, enhance services and create efficiencies," said Dermot Briody, Executive Managing Director of Europe, MRI Software. "The acquisition of Thesaurus Technology widens our comprehensive range of solutions for the UK residential sector, deepens our understanding and expertise in the space and gives us greater reach into the growing SMB market. By further expanding our ability to help clients harness technology across multiple touchpoints for their customers and stakeholders, we can continue to partner with real estate organisations at every stage of their business development."
Thesaurus offers specialist software for estate and letting agencies to handle activities including tracking sales, updating databases, generating invoices and creating management reports. The technology is available with pay-as-you-go monthly subscriptions, either in the cloud or installed on desktops. Thesaurus also offers a UK postcode lookup solution through a sister company, which may have applications for many of MRI's current UK residential clients. MRI will continue to support all existing Thesaurus users, as well as bring benefits from the wider range of complementary software solutions in its suite.
"MRI is delivering innovation in the UK residential market, making Thesaurus the perfect addition to its stable," said Kevin Holmes, Director, Thesaurus Technology. "We're proud to be part of MRI's UK growth and are excited that our clients will now be able to take advantage of a greatly enhanced range of technology options."
This latest development builds upon continued momentum for MRI in the UK, including a number of acquisitions of businesses specialising in residential sales, lettings and property management software over the past 14 months. In addition, June this year saw the launch of the MRI Residential Suite in the UK, a dedicated platform for the Private Rented Sector, capable of streamlining everything from marketing to resident payments and service requests.
Shea & Company acted as the exclusive financial advisor to MRI Software and its private equity sponsors, GI Partners and TA Associates.
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 liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.
Zoe Mumba / Hugh Filman