Property technology giant MRI Software has bought New Zealand’s market-leading provider of residential property management solutions, Palace.
The acquisition extends Ohio-based MRI’s offering and market presence in New Zealand while giving Palace and its clients access to MRI's innovation, scale and partnerships.
“Our acquisition of Palace is part of MRI’s strategic global growth plan and a welcome addition to our Asia-Pacific business,” says David Bowie, MRI Software’s senior vice president and managing director, Asia-Pacific.
“Bringing Palace into the MRI fold enhances our ability to serve the New Zealand market by empowering property managers and agencies with solutions that help them keep pace with local reporting and compliance requirements, including the healthy homes standards.”
Both MRI and Palace are private companies, so no sale price was disclosed.
The buyout follows MRI's deal earlier this month to acquire another local software company, WhosOnLocation, a developer workplace safety and security applications.
Palace was founded in 1999 and has offices in Auckland and Wellington. It boasts over 700 clients who use its solutions to manage more than 150,000 properties.
Palace’s extensive partner program, which includes more than 40 partnerships and integrations, will offer expanded flexibility and choice for MRI clients in the region.
MRI said it would will continue to support, "without interruption", property managers and agents using Palace.
Michael Abbott, Palace’s chief executive officer, said the companies were a "great fit".
"Both companies are firmly committed to an open and connected approach that gives clients the flexibility to integrate the solutions that work best for their business," he said.
"The deal strengthens MRI’s local expertise, while Palace and its clients gain access to additional property and workplace solutions as well as administrative and financial tools for managing wider property portfolios.”
Since MRI’s August 2019 acquisition of Rockend, the leading residential property management player in Australia, the company has grown its offering in the A/NZ region to cover solutions across the residential, commercial, investment and occupier sectors.
Clare Capital, a Wellington-based corporate finance advisory firm, acted as the exclusive financial advisor to Palace.