MRI Software, a global leader in real estate software solutions, has had a busy week. The company acquired ProLease, a leading provider of lease administration, lease accounting, lease analysis and workplace management applications; Leverton, a leading artificial intelligence (AI)-powered data extraction solution for real estate and corporate documents; and Rockend, the market-leading provider of residential property and strata management solutions for the Australian and New Zealand (ANZ) PropTech sector.
ProLease’s intuitive and comprehensive software suite extends MRI’s corporate occupier and integrated workplace management offering, providing easy-to-implement solutions that enable real estate, facilities and accounting departments to manage both property and equipment leases while meeting new global accounting standards.
“ProLease perfectly complements and enhances our strengths and capabilities within our financial and accounting solutions,” said Chuck McDowell, MRI’s senior vice president of commercial and financial solutions. “This easy-to-use solution is designed for accountants by accountants, and it further enhances MRI’s ability to provide a broad range of organizations with the financial tools to meet the new lease accounting standards. Additionally, it expands our robust financial suite by adding capabilities that will benefit clients outside the corporate occupier sector.”
Using proprietary optical character recognition technology and AI-based, deep learning algorithms to “read” and capture thousands of data points from multiple sources in up to 25 languages – which can include scanned paper, PDFs, and processable documents with inconsistent standards – Leverton creates searchable, structured data sets that provide a clear and accurate picture of a business’ real estate assets. The cloud-based AI engine positions real estate owners, operators, and occupiers to optimize their handling of contracts, run operational teams more efficiently and process transactions faster – enabling them to more effectively manage revenue and expense streams across property portfolios. The ability to create transparent, accurate and auditable lease portfolios has become critical for companies with real estate assets working to comply with global accounting standards such as IFRS 16 and ASC 842.
“The acquisition of Leverton brings a true innovator and global PropTech leader into the MRI family, with expertise in the application of AI to real estate data collection, management, and analytics,” said Patrick Ghilani, MRI’s CEO. “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. The result: smarter business solutions that generate fresh and powerful insights.”
Rockend is the leading real estate technology provider in the ANZ residential property management rental and strata sector with close to 6,000 clients. The company’s solutions are used by real estate agencies in ANZ to manage more than 1.5 million 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, including strictly regulated funds earmarked for ongoing maintenance, insurance and other common costs.
“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,” said John Ensign, president and head of international operations at MRI Software. “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.”
