RECENT RELEASESMRI Software Welcomes Strategic Growth Investment
Harvest Partners Joins TA Associates, GI Partners and MRI Management to accelerate innovation and global growth
NEW YORK, NYFEBRUARY 10, 2020
Harvest Partners, LP (“Harvest”) today announced that funds managed by Harvest completed a new strategic investment in MRI Software (“MRI” or “the Company”), in partnership with existing investors TA Associates, GI Partners and management. The Company’s management team, led by CEO Patrick Ghilani, will continue to lead MRI and remain significant owners of the business. Additional terms of the transaction were not disclosed.
MRI, headquartered in Solon, OH, is a leading provider of real estate management software solutions globally. MRI’s comprehensive product portfolio includes SaaS solutions for commercial and residential property management, leasing, accounting, investment management and modeling, facilities management, and other applications. MRI serves a diverse set of 8,500+ global enterprise customers and employs 1,400+ people across 21 global offices.
Of the transaction, Patrick Ghilani said, “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.”
“We could not be more excited to support MRI on the next phase of the company’s 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,” said Andrew Schoenthal, Partner at Harvest.
Michael Greenman, Partner at Harvest added, “Patrick and the MRI team have built an incredible software business that has grown organically and inorganically over many years. We are thrilled to work alongside an exceptional team and provide additional financial and strategic resources to support the company’s next phase of growth.”
UBS acted as the exclusive financial advisor and Kirkland & Ellis and Goodwin served as legal counsel to MRI, TA Associates and GI Partners. William Blair & Company and Harris Williams acted as financial advisors, Alvarez & Marsal acted as transaction and tax advisor and White & Case acted as legal counsel to Harvest. Funds managed by Harvest Partners SCF, LP provided financing. As part of the transaction, Michael DeFlorio, Ira Kleinman and Andrew Schoenthal from Harvest will join TA Associates, GI Partners and Patrick Ghilani on the Board of Directors of MRI. Also leading the investment from Harvest were Michael Greenman, David Schwartz and Joshua Carter.
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 gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.