The private equity owners of real estate software provider MRI Software are weighing strategic options, including a potential sale or an IPO on a U.S. exchange, according to people familiar with the matter.
Any deal for the Ohio-based software company could be completed within the next year and is expected to value MRI Software at up to $10 billion, including debt. The ownership group — TA Associates, Harvest Partners, and GI Partners — has engaged Goldman Sachs to advise on the process, which began after receiving inbound interest from real estate and technology firms, the sources said.
Spokespeople for MRI Software, TA Associates, GI Partners, and Goldman Sachs declined to comment, while Harvest Partners did not respond to a request for comment.
MRI Software provides real estate management tools that help property owners, investors, and managers oversee both commercial and residential portfolios. Its suite of products includes accounting, leasing, and financial management systems.
The company is approaching $1 billion in annual revenue and generates roughly $400 million in EBITDA, the sources noted. MRI has delivered consistent growth of about 10% annually, with more than half of its revenue coming from outside the U.S.
For its private equity backers, a sale or listing at the targeted valuation would represent a lucrative exit. GI Partners, which first invested in 2015, is on track to achieve a ninefold return, while TA Associates, the company’s largest shareholder, is projected to make seven times its initial investment.
The potential deal comes as application software companies, especially those serving the real estate sector, continue to attract private equity buyers, drawn by reliable recurring revenue streams. Last month, Reuters reported that Altus Group, a Canadian software and data analytics provider, was also exploring a sale following inbound acquisition interest.
Source: Reuters
