Harvest Partners, LP (“Harvest”) made an announcement today regarding a new strategic investment in MRI Software (“MRI” or “the Company”). The investment was completed by funds managed by Harvest in partnership with existing investors TA Associates, GI Partners, and management. Under the leadership of CEO Patrick Ghilani, MRI’s management team will continue to guide the company and retain a significant ownership stake. The specific terms of the transaction were not disclosed.
Headquartered in Solon, OH, MRI is a global leader in real estate management software solutions. The company offers a comprehensive portfolio of software-as-a-service (SaaS) solutions for commercial and residential property management, leasing, accounting, investment management and modeling, facilities management, and other applications. With a customer base of over 8,500 global enterprise clients and a workforce of 1,400+ employees spread across 21 offices worldwide, MRI serves a diverse range of industries.
Commenting on the transaction, Patrick Ghilani expressed his confidence in Harvest’s expertise as an investor with a long-term perspective. He stated that this investment would support MRI’s ongoing efforts to meet the evolving needs of clients, drive innovation in the software portfolio, and deliver exceptional global service. Ghilani also highlighted that the additional capital would contribute to the further development of the software portfolio and enable strategic acquisitions to address the demands of a rapidly changing market. The management team is enthusiastic about continuing their mission in the new decade with the support of these experienced investors.
Andrew Schoenthal, a partner at Harvest, expressed excitement about supporting MRI in the next phase of its journey. He praised the company’s success over the years and expressed his anticipation in partnering with management, TA Associates, and GI Partners to strengthen MRI’s position as a leading provider of real estate software solutions globally.
Michael Greenman, another partner at Harvest, commended Patrick Ghilani and the MRI team for building an incredible software business that has experienced both organic and inorganic growth over the years. Greenman conveyed his enthusiasm for working alongside this exceptional team and providing additional financial and strategic resources to support the company’s next phase of growth.
David Schwartz, Principal at Harvest, highlighted that MRI aligns perfectly with Harvest’s core investment strategy of identifying market-leading businesses that cater to large and expanding end-markets, leveraging Harvest’s industry experience. Schwartz expressed his eagerness to collaborate with TA Associates and GI Partners to support Patrick Ghilani and the MRI team in executing their value creation plan and reinforcing the company’s position as a market leader.
UBS acted as the exclusive financial advisor, while Kirkland & Ellis and Goodwin served as legal counsel to MRI, TA Associates, and GI Partners. William Blair & Company and Harris Williams acted as financial advisors, Alvarez & Marsal acted as transaction and tax advisor, and White & Case served as legal counsel to Harvest. Financing for the transaction was provided by funds managed by Harvest Partners SCF, LP. As part of the transaction, Michael DeFlorio, Ira Kleinman, and Andrew Schoenthal from Harvest will join the Board of Directors of MRI, alongside representatives from TA Associates, GI Partners, and Patrick Ghilani. Leading the investment from Harvest were Michael Greenman, David Schwartz, and Joshua Carter.
