MRI Software Acquires Palace, New Zealand's Leading Property Management Solution Provider

Global PropTech company extends its footprint in ANZ with addition of software for regional property managers and agencies

AUCKLAND, New Zealand, March 31, 2021 /PRNewswire/ -- MRI Software ^[1], a global leader in real estate software, announces that it has acquired Palace, New Zealand's market-leading provider of residential property management solutions. The acquisition extends MRI's offering and market presence in New Zealand while giving Palace and its clients access to the innovation, scale and partnerships of a well-established industry leader.

"Our acquisition of Palace is part of MRI's strategic global growth plan and a welcome addition to our Asia-Pacific business," says David Bowie, MRI Software's Senior Vice President and Managing Director, Asia-Pacific. "Bringing Palace into the MRI fold enhances our ability to serve the New Zealand market by empowering property managers and agencies with solutions that help them keep pace with local reporting and compliance requirements, including the healthy homes standards."

Founded in 1999 and with offices in Auckland and Wellington, Palace has over 700 clients, who use its solutions to manage more than 150,000 properties. Palace's extensive partner program, which includes more than 40 partnerships and integrations, will offer expanded flexibility and choice for MRI clients in the region. MRI will continue to support, without interruption, the property managers and agents that use Palace.

Michael Abbott, Palace's Chief Executive Officer, adds: "Palace and MRI are a great fit. Both companies are firmly committed to an open and connected approach that gives clients the flexibility to integrate the solutions that work best for their business. The deal strengthens MRI's local expertise, while Palace and its clients gain access to additional property and workplace solutions as well as administrative and financial tools for managing wider property portfolios."

The deal comes on the heels of MRI's acquisition of Wellington-based WhosOnLocation^[2], further extending MRI's presence in New Zealand. Since MRI's August 2019 acquisition of Rockend^[3], the leading residential property management player in Australia, the company has grown its offering in the ANZ region to cover the full scope of solutions across the residential, commercial, investment and occupier sectors.

Clare Capital, a Wellington-based corporate finance advisory firm, acted as the exclusive financial advisor to Palace.

About MRI SoftwareMRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com ^[4].

Media Contacts:(ANZ for MRI)Heather Jones (+61 400 394 669)heather@hjconsulting.com.au ^[5]

(EMEA for MRI)Platform CommunicationsHugh Filman (+44 7905 044850)or Zoe Mumba (+44 7725 832393)mri@platformcomms.com ^[6]

(US for MRI) Rachel Antman (+1 212 362 5837)rachel@saygency.com ^[7]

Logo - https://mma.prnasia.com/media2/489877/MRI_Logo.jpg?p=medium600 ^[8]