MRI Software, a company specializing in real estate software, has announced its acquisition of Palace, the leading provider of residential property management solutions in New Zealand. This acquisition allows MRI Software to expand its presence in the country, while also providing Palace and its clients with access to MRI’s resources, innovation, and partnerships. By integrating Palace’s solutions, MRI Software can now provide property managers and agencies with tools to meet local reporting and compliance requirements, including healthy homes standards. Palace has over 700 clients and manages more than 150,000 properties through its solutions. MRI Software will maintain its support for existing Palace clients and will offer greater flexibility and choice through Palace’s extensive partner program.
According to Michael Abbott, the CEO of Palace, the acquisition by MRI Software is a great fit for both companies. He stated that both companies are dedicated to providing an open and connected approach that allows clients to integrate solutions that work best for their businesses. The deal will strengthen MRI’s local expertise while also giving Palace and its clients access to additional property and workplace solutions, as well as administrative and financial tools for managing wider property portfolios.
This acquisition follows MRI’s recent purchase of Wellington-based WhosOnLocation, which further expands the company’s presence in New Zealand. Since acquiring Rockend, the leading residential property management company in Australia in August 2019, MRI has expanded its offerings in the ANZ region to cover all solutions across the residential, commercial, investment, and occupier sectors.
Palace received financial advice exclusively from Wellington-based corporate finance advisory firm Clare Capital.