15 May, 2018, 09:11 ET
SOLON, Ohio, May 15, 2018 /PRNewswire/ -- MRI Software LLC ("MRI"), a global leader in real estate software solutions, today announced another successful quarter of worldwide growth. In the first quarter of 2018, MRI continued to build on growing market demand for a comprehensive and connected suite of solutions that extends across the commercial real estate lifecycle while offering the freedom to integrate easily with other vendors' software. As a result, MRI increased not just its growth statistics, but also its leadership position as a truly open, partner-dedicated software provider.
In the first quarter of 2018, MRI saw 44 percent worldwide revenue growth fueled by 117 new clients (a 50 percent increase over the same period in 2017) and a 136 percent increase in bookings over the same period in 2017. Additionally, MRI grew its headcount by 62 percent across all regions. Overseas, staffing in EMEA increased more than tenfold and, in APAC, grew by 61 percent.
MRI's global growth strategy continues to gain momentum, marked by a few key accomplishments:
- Savills plc, one of the largest real estate companies in the world, chose MRI's residential management and accounting solutions to manage its growing private rented sector (PRS) business in the U.K. Previously, Savills selected MRI for its commercial property business in key European locations. Additionally, in April, MRI Software announced that a second U.K. real estate giant, Grainger plc, has also chosen MRI as its core software platform to power its future PRS growth.
- China Electronics Standardization Institute (CESI) certification demonstrates MRI's commitment to China, a market that offers great opportunities. MRI Platform X is now a pre-approved financial reporting solution for real estate organizations doing business in the country. In addition to the benefit to Chinese companies, real estate investors using Platform X that want to expand into China can continue to rely on MRI's platform while meeting local business requirements.
MRI's Partner Connect program also continues to grow and strengthen. For example, MRI introduced a new Service Partner Certification Program, which is designed to validate and demonstrate proficiency in MRI's technology and provide educational opportunities to improve implementation, consultation, and training of clients. Partners have responded positively to MRI's investments in Partner Connect, with attendance at its annual Partner Summit in January increasing by 44 percent.
MRI also strengthened its executive team to help support growth:
- John Ensign, previously MRI's Chief Legal Officer, added President to his title as his duties now include oversight of MRI's corporate shared services and overall responsibility for EMEA and APAC operations.
- Russell Butler joined MRI in the new role of Chief Technology Officer to lead product development and strategy, which are responsibilities he previously held for various global teams at Oracle, IBM and AT&T. His expertise in shepherding new products from the innovation stage to deployment and integration will be a key driver of MRI's ongoing expansion into new geographical and vertical markets.
- Dermot Briody came to MRI as Executive Managing Director for Europe overseeing MRI's operations in the region, including those of Qube Global Software and Real Asset Management, both of which MRI acquired in September 2017. As a result of these acquisitions, MRI is now the largest commercial real estate software provider in EMEA.
MRI maintained its aggressive approach to acquisitions adding HAPPY Software, a major player in the U.S. public housing authority (PHA) software arena, to a list of six other acquisitions since September. The move is MRI's third acquisition in the PHA space in five months, alongside Tenmast Software and HAB, Inc., furthering the company's vision of bringing a comprehensive, next-gen platform to the underserved PHA market and making it the largest provider in the space.
Ultimately, MRI's growth is the result of its suite of purpose-built solutions and strong market demand for open and flexible software, a trend that has been growing across all industries. In March, MRI launched an ongoing content series to help real estate organizations identify software providers that are truly open as opposed to merely paying lip service to the demands of the marketplace.
"After an extremely active 2017, I couldn't be more thrilled to see our growing team execute such a fantastic quarter," said Patrick Ghilani, Chief Executive Officer of MRI Software. "We pride ourselves on continuing to innovate and improve our clients' experience, and this quarter's success ultimately comes to back to our amazing clients and partners. Together, we are bringing our vision of an open and connected real estate ecosystem into reality and establishing a trajectory that has not been seen before in our industry."
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 liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.
SOURCE MRI Software
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