MRI Reinforces Commitment to the UK and the Evolving PRS Market
LONDON, July 12, 2018 /PRNewswire/ -- MRI Software, a global leader in real estate software solutions, today announced the acquisition of CML Software, a Reading-based provider of residential agency, block management and build-to-rent solutions. This acquisition demonstrates MRI's continued commitment to the United Kingdom residential market and expands its range of software solutions for sales, lettings and property management. The acquisition will add additional top tier agency market names into the MRI client base, strengthening the organisation's position as the largest commercial real estate software provider in EMEA, serving more than 2,500 clients in the region.
"We are very pleased to welcome CML to the MRI Software family of companies," said Dermot Briody, Executive Managing Director for Europe at MRI. "CML's software for residential agencies and portfolio management rounds out MRI's comprehensive offering for the diverse UK residential market. Further, CML adds flagship clients to MRI's extensive roster and further enhances our team of experts on the ground in the United Kingdom. As we continue to invest in and enhance the solutions of all our recent acquisitions, including CML and Qube Global Software, our expanded footprint in the UK will enable us to even better serve and support our EMEA clients." Briody adds, "The acquisition brings together two fast-growing organisations and delivers the opportunity to further increase market share for MRI, in a sector where many other existing players are being disrupted by market dynamics."
CML Software's solutions are specifically designed to address the needs of multi-office estate and lettings agencies, with robust analytics, multi-level reporting, and detailed permissions and role management. CML's agency-branded web and mobile portals enable anytime, anywhere engagement with today's digitally-oriented vendors, landlords and tenants. Adding these to the portfolio of solutions already on offer will create even more choice and flexibility for clients and allow for further development of the product suite through greater expertise and resources.
"MRI Software is the largest commercial real estate software company in EMEA, and, given how well our solutions fit within their suite, this acquisition will benefit CML's clients by providing greater resources for support and access to a broad set of innovative proptech solutions," said Al Chetwode, Managing Director at CML Software. "Meanwhile, MRI's clients stand to benefit as well from the complementary solutions we are bringing to the MRI family. It's a great combination, and we're proud to join MRI."
CML Software is MRI Software's third acquisition in the UK, following its acquisitions of Qube and Real Asset Management in 2017. It is also MRI's fifth acquisition in the EMEA region and its ninth acquisition overall since September 2017. CML, Qube and MRI clients will continue to be served without interruption while near-term integration activities focus on providing expanded offerings to all clients. Shea & Company acted as the exclusive financial advisor to MRI Software and their private equity sponsors, GI Partners and TA Associates.
About CML Software CML Software provides enterprise software to multiple-office sales and letting agents, as well as large property management and block management companies. The company's products cover a range of disciplines from CRM capabilities through to property management, renewals, client accounting, portfolio accounting and block management. With a reputation for reliability and technical excellence, CML's software works flexibly through the complete property business cycle to add efficient control, automation and process simplification at the same time as delivering tangible business value. For more information please visit cmlsoftware.com
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.