U.S. real estate software solutions provider MRI Software has expanded its presence in the proptech market in Australia and New Zealand via an acquisition, the company said in a release.
The firm has acquired Rockend, a provider of residential property and strata management solutions for the Australian and New Zealand (ANZ) proptech sector.
The company said that this acquisition significantly expands MRI’s offering in the ANZ market and brings the largest residential footprint in Australia into the MRI fold.
Rockend is a 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 Australia and New Zealand 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.
“Acquiring Rockend represents a milestone in our global growth strategy, and it substantially extends MRI’s footprint in ANZ while paving the way for enhanced innovation and future expansion,” said Patrick Ghilani, CEO of MRI Software. “The acquisition fits perfectly within our area of expertise and gives MRI clients in the region access to even more local resources across our comprehensive range of solutions. Rockend clients will likewise benefit from being part of a global provider with a broader set of offerings.”
MRI’s commercial, residential and real estate investment software is used to manage more than 90,000 commercial lease units and over 62 million square meters of property.
“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.”
Headquartered in Sydney, Rockend launched what it claimed to be ANZ’s first online solution for this marketplace, Property Tree, a cloud-based property management application, covering operations, communications and accounting. Other Rockend solutions include Rest Professional, its server-based property management application, and Strata Master, its software for owner associations to manage accounts, maintenance and board/owner meetings.
“Demand for property and strata management solutions has surged as housing construction has boomed in Australia and New Zealand, particularly in the major cities,” said Alister Maple-Brown, Rockend’s CEO. “Joining an established global player with the scalability to meet that demand, take our technology to new markets and provide access to a broad range of related PropTech innovations to our local customers will help strongly position Rockend for continued growth.”
In related news, MRI Software recently announced that the United Kingdom’s Foreign and Commonwealth Office (FCO) will deploy its Horizon CRE solution as an Integrated Workplace Management System (IWMS) for properties and assets in over 220 locations around the world.
Dermot Briody, MRI’s Executive Managing Director, Europe said: “Supporting government departments and other organisations to ensure they are able to effectively manage extensive property and asset portfolios is central to what Horizon delivers. As a leading solution for occupiers of multi-country property portfolios, Horizon enables collaboration and efficient practices for large teams spread across various geographies.”
The FCO will be utilizing MRI’s software solutions to manage various real estate processes for more than 5,000 properties.
The range of functions that will be supported by MRI’s Horizon software under the FCO agreement include:lease management; lease accounting and compliance with IFRS 16 obligations; facilities management; health and safety compliance inspections; property condition inspections; forward maintenance bids; asset registers; and property and asset valuations.