SOLON, Ohio, July 31, 2019 /PRNewswire/ -- MRI Software ("MRI"), a global leader in real estate software solutions, announces that it has acquired ProLease, a leading provider of lease administration, lease accounting, lease analysis and workplace management applications. ProLease's intuitive and comprehensive software suite extends MRI's corporate occupier and integrated workplace management offering, providing easy-to-implement solutions that enable real estate, facilities and accounting departments to manage both property and equipment leases while meeting new global accounting standards.
MRI has seen significant growth of its occupier solutions globally, particularly in the EMEA region. The acquisition of ProLease will support continued growth across all geographic markets and add a sizeable install base of marquee occupier clients in North America. The ProLease solution enables corporate occupiers and lessees to address their wider workplace, maintenance, and even project management needs.
Chuck McDowell, MRI's Senior Vice President of Commercial and Financial Solutions, comments: "ProLease perfectly complements and enhances our strengths and capabilities within our financial and accounting solutions. This easy-to-use solution is designed for accountants by accountants, and it further enhances MRI's ability to provide a broad range of organizations with the financial tools to meet the new lease accounting standards. Additionally, it expands our robust financial suite by adding capabilities that will benefit clients outside the corporate occupier sector."
MRI's acquisition of Stamford, Connecticut-based ProLease comes on the heels of MRI acquiring LEVERTON, a leading artificial intelligence (AI)-powered data extraction solution for leases and corporate documents. Taken together, these acquisitions reinforce MRI's commitment to empowering real estate occupiers, owners, and operators to save time and money and make better business decisions.
The ProLease acquisition will also bolster MRI's capacity to help clients manage leases for equipment such as vehicle fleets, copiers, forklifts, and industrial machinery. The new accounting rules have a major impact on the management of equipment leases, which can be complex and difficult to track. ProLease was one of the first solutions updated to address the new global Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting standards (ASC-842 and IFRS 16). The company has worked closely with the FASB and IASB to ensure its software enables compliance.
"The change in accounting standards has driven public and private companies to reexamine their current processes and identify more efficient solutions for managing their lease portfolios," says Alan Bushell, ProLease's Chairman and Chief Software Architect. "We are pleased to become part of an organization like MRI that shares our commitment to innovation, which will empower our team to continue making advancements around effective lease management and accounting technology."
ProLease serves more than 700 clients across 40 industries, including real estate, retail, healthcare, government and education. Clients, which include 3M, Citrix, Clear Channel, Del Monte, Penske and Yale New Haven Health, enjoy the ability to create lease capitalization schedules, run disclosure reports, and generate journal entries, which can be integrated with an organization's general ledger. They can easily track real estate leases, manage all types of assets, automate maintenance workflow, manage projects, and analyze and compare leases. MRI's acquisition of ProLease encompasses all six of the company's modules: real estate, equipment, lease accounting, workplace, maintenance, project, as well as ProCalc lease analysis software. ProCalc is used by Newmark Knight Frank, Jones Lang LaSalle, Cushman & Wakefield, Colliers International, CBRE and more.
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 modelling 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. For more information, please visit mrisoftware.com.
Hugh Filman, Zoe Mumba or PJ Chou
SOURCE MRI Software