MRI Software (“MRI”), a global leader in real estate software solutions, announces major growth in revenue, new business and its partner network during 2018, when it also extended its reach through a series of strategic acquisitions. In addition, MRI welcomes the recent appointment of Chief Financial Officer Bruce Duner, who joins the company after serving in senior roles at a number of leading technology providers. The announcements come as MRI prepares to showcase its comprehensive and connected suite of solutions at MIPIM 2019, the premier global property event, running March 12-15 in Cannes, France.
“2018 was a banner year for MRI, continuing a pattern of rapid growth, reinforced by key strategic acquisitions that further our ability to help real estate organizations use new technologies to meet their changing needs, differentiate themselves in the market and gain a competitive edge,” says Patrick Ghilani, MRI Software’s Chief Executive Officer. “We continue to innovate while finding partners and acquisition targets that add value and choice to our existing offering.”
Strong growth across the board
MRI revenue increased 56 percent in 2018 compared to 2017 and more than doubled in the past two years. The company continued strong growth momentum with bookings (sales for future business) increasing by a record 71 percent, with significant growth coming from the EMEA region. The number of new clients added globally in 2018 grew by 44 percent compared to those added in 2017, while MRI’s total installed base increased by 38 percent last year through both acquisitions and organic growth.
The company also underlined its commitment to maintaining an open and connected ecosystem of real estate technology providers, bolstering its extensive Partner Connect network with 21 new additions during 2018, bringing the total to 142 partners. The continuing value of MRI’s partner network to its clients was demonstrated by the fact the company created 75 new technology integrations with partners and recorded 192 million data exchanges between clients and partners in 2018 – up from 80 million the year before.
“Adding partners to our already extensive network allows us to widen the scope of choice we can offer clients,” notes Ghilani. “We believe that real estate businesses can make even better use of MRI’s software if we can provide a truly open platform that enables them to tailor their systems and move fast in employing technologies that open new markets and services. Our partnerships go far beyond simple interface connectivity, offering our clients an industry-leading level of integration – taking them towards a singular client experience and true enterprise software interoperability.”
New CFO brings valuable experience
In assuming the role of CFO in February 2019, Bruce Duner brings a range of experience that will help MRI manage the increasing complexity that comes with rapid growth. Prior to joining MRI, Duner was CFO at Accela, a market-leading Software-as-a-Service provider for local and state governments. Previously, he was CFO at Bomgar Corporation, a leading provider in remote support and security software solutions and at Surgical Information Systems, a leading provider of software solutions for hospitals and ambulatory surgery centers.
“With more than 30 years’ experience creating and transforming business strategy into financial and operational success in technology and enterprise software, Bruce has the leadership track record we need to meet the continually growing demands of our global business,” Ghilani says.
Duner says he is joining MRI at an exciting time for the business: “We are seeing tremendous potential in the real estate technology market for innovation and growth and, thanks to a strong team, MRI is already showing huge business momentum – rapid growth, new business wins, shrewd acquisitions and an innovative partner program. All this enables MRI to remain focused on continued profitable growth, built on a very healthy foundation of more than 85 percent of recurring revenue.”
Building with six new strategic acquisitions
MRI continued its strategy of building its position in key sectors and geographies through strategic acquisitions in 2018, when the company was able to:
- Strengthen its leadership position in the US Affordable and Public Housing markets by acquiring Happy Software, IPM Software and TCAM Asset Management
- Establish a new Agency Solutions business with the acquisitions of CML Software and Thesaurus/Postcode Software in the UK, boosting the Sales and Lettings solutions gained through Qube Global Software, acquired the previous year
- Solidify its position as South African market leader by acquiring PropSys, adding to the footprint of its existing operations and MDA Property Systems, which it acquired in 2017
Record-breaking users conferences
The company also saw record attendance at its International Users Conferences in Atlanta in October and London in December. The US event drew 1,400 delegates, including representatives from 67 partners, while the London conference was the biggest such event to take place in the UK to date with 600-plus attendees, including representatives from 18 partners. Both conferences gave MRI the chance to showcase its latest innovations, which included:
- Improved integration and user experience on the company’s flagship Platform X, enabling a single experience when MRI and third-party applications are connected to its flexible hub
- MRI Debt Management, a web-based accounting solution that allows real estate owners and investors to improve operational efficiency and reduce the risks of bad data
- MRI Qube PM Advance, the latest release of the most widely implemented property management solution in the UK
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 modeling 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.