This article is from the Australian Property Journal archive
GLOBAL proptech group MRI Software has expanded its presence in New Zealand with the acquisition of property management solution provider, Palace.
Founded in 1999 and with offices in Auckland and Wellington, Palace has over 700 clients who use its solutions to manage more than 150,000 properties.
“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 and requirements, including the healthy homes standards.”
Palace CEO Michael Abbott said the companies are a great fit.
“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,”
This deal comes on the heels of MRI’s acquisition of Wellington-based WhosOnLocation, further extending MRI’s presence in NZ. Since MRI’s August 2019 acquisition of Rockend, the company has grown its offering in the ANZ region to cover the full scope of solutions across the residential, commercial, investment and occupier sectors.
Clare Capital acted as the exclusive financial advisor to Palace.
