The acquisition will extend the range of MRI’s occupier solutions, providing a broader scope of offerings for commercial property owners, operators and tenants worldwide.
Patrick Ghilani, Chief Executive Officer of MRI Software said: “The world of work has changed fundamentally over the past year, and companies require innovative solutions that enable flexibility for their workplaces and leases.
“The acquisition of Manhattan will bring a well-respected industry leader with a strong heritage into the MRI fold, and our combined workplace management capabilities uniquely position us to serve the needs of owners, operators and tenants across the real estate spectrum.”
Additionally, the acquisition will enhance MRI’s Integrated Workplace Management System (IWMS) offering with robust workplace scheduling and facilities management capabilities, complementing its comprehensive lease accounting and administration offering.
Manhattan clients will be able to gain access to a broader scope of applications to manage their lease portfolio, including MRI’s artificial intelligence (AI)-powered lease abstraction platform. In addition to strengthening MRI’s technological footprint, the acquisition also bolsters its client base in North America, Europe and Asia Pacific, and the combined company will serve 2,300 corporate occupiers. Manhattan has employees in the United States, United Kingdom, India and Australia.
Suresh Sundaram, General Manager of Trimble Real Estate Solutions, said: “There is a real synergy between Manhattan’s offering and MRI’s occupier solutions that will benefit the clients of both businesses – and indeed any corporate occupier. Manhattan will gain from joining a larger organisation committed to investing in innovative real estate technology. Both companies have a tremendous commitment to enabling finance and real estate teams to better manage their lease portfolios while maintaining compliance with global lease accounting standards, including FASB, IASB, and GASB.”
The acquisition aligns with MRI’s growth strategy to expand its offerings for the global workplace management market, and follows the acquisition at the end of January of North Carolina-based AMTdirect, a provider of lease accounting, lease administration and facilities management solutions for corporate occupiers and lessees.
The transaction is subject to a number of closing conditions and is expected to close in the first half of 2021.