MRI Software acquires lease management solutions provider LeaseEagle
MRI Software, a US-based proptech company, has acquired LeaseEagle, an Australian provider of commercial property lease management solutions, for an undisclosed price.
LeaseEagle, which is based in Melbourne, caters to tenants in corporate, retail, healthcare and other sectors. Established in 2005, the company’s software is used by clients for managing more than 50,000 locations across Australia, New Zealand, as well as South Africa.
Lee Trevena — CEO and founder of LeaseEagle said: “I had each one of our 185+ clients in mind when considering this transaction.
“Well-loved brands rely on LeaseEagle as a single source of truth for multi-site lease management, and MRI’s history of cultivating a client-centric culture and bringing in the right talent to deliver the best value to their customers makes this the perfect fit. I look forward to the LeaseEagle team adding to that legacy.”
According to MRI Software, the solution of LeaseEagle meets a timely need as Covid-19 rent relief amendments made to International Financial Reporting Standard IFRS-16 in 2020 could still be relevant to commercial tenants impacted by the pandemic in 2022.
Apart from ensuring compliance to complex accounting standards, LeaseEagle’s advanced cloud-based software is said to cut down the chances of missing critical lease dates, while making detailed occupancy analysis across various real estate assets simple.
The lease management software from LeaseEagle also offers data-driven reporting to help in better decision making and saves time and is claimed to enhance accuracy with automated invoicing to considerably boost the efficiency of business processes.
David Bowie — MRI Software managing director and senior vice president (Asia Pacific) said: “Commercial property deals in 2021 were nearly double the value of 2020 investments amid the most extensive rewrite of property leases in history. That mix of fast growth and complex change represents very high risk, and I believe this acquisition gives MRI the right solutions and expertise to help clients measurably reduce that risk.”
LeaseEagle marks the fifth acquisition made by MRI Software of proptech companies in Australia and New Zealand in the past few years. The other four recent acquisitions in Asia Pacific for the US firm are Box+Dice, Palace and WhosOnLocation in 2021, and Rockend in 2019.