Technology company MRI Software has acquired ProLease, a US based provider of lease administration, lease accounting, lease analysis and workplace management applications.
ProLease’s software suite extends MRI’s corporate occupier and integrated workplace management offering, providing a platform to enable real estate, facilities and accounting departments to manage both property and equipment leases while meeting new global accounting standards.
Chuck McDowell, MRI’s senior vice president of commercial and financial solutions, said: “ProLease perfectly complements and enhances our strengths and capabilities within our financial and accounting solutions. This easy-to-use solution is designed for accountants by accountants, and it further enhances MRI’s ability to provide a broad range of organizations with the financial tools to meet the new lease accounting standards. Additionally, it expands our robust financial suite by adding capabilities that will benefit clients outside the corporate occupier sector.”
MRI’s acquisition of Connecticut headquartered ProLease follows the company’s acquisition of Leverton, an artificial intelligence powered data extraction tool for leases and corporate documents.
The acquisition bolsters MRI’s offering and gives property owners, service providers, and corporate occupiers broader access to Leverton’s automated lease abstraction application. MRI Software said Leverton allows organizations to turn unstructured information in leases and other corporate and legal documents into data sets that can be used for insight.
“The acquisition of Leverton brings a true innovator and global PropTech leader into the MRI family, with expertise in the application of AI to real estate data collection, management, and analytics,” said Patrick Ghilani, MRI’s Chief Executive Officer.
The ProLease acquisition will also bolster MRI’s capacity to help clients manage leases for equipment such as vehicle fleets, copiers, forklifts, and industrial machinery. ProLease was one of the first platforms updated to address the new global Financial Accounting Standards Board and International Accounting Standards Board lease accounting standards. The company has worked closely with the FASB and IASB to ensure its software enables compliance.
ProLease serves more than 700 clients across 40 industries, including real estate, retail, healthcare, government andeducation. Clients include 3M, Citrix, Clear Channel, Del Monte, Penske and Yale New Haven Health.