[South Africa] MRI Software acquires PropSys
MRI Software, a global leader in real estate software solutions, has announced the acquisition of PropSys, a property software solution provider based in Johannesburg, South Africa.
Founded in 2003, but with institutional and market experience in the region that goes back to 1977 thanks to an acquisition of its own, PropSys has established a strong foothold in the South African market with nearly 200 clients and a solutions portfolio that serves real estate companies of all sizes.
This acquisition, in conjunction with MRI's recent acquisition of Cape Town-based MDA Property Systems, makes MRI the clear market share leader for commercial real estate software in South Africa and the surrounding region and solidifies MRI's position as one of the largest players in the African continent and the Middle East.
"Bringing the PropSys suite of products under the MRI umbrella strengthens our presence in the region not just by growing our pool of real estate talent in South Africa to more than 50 and giving us a commanding market share, but also by providing access to the deep relationships and market knowledge that PropSys has acquired over the past 15 years," said Mark Fairweather, Managing Director, Africa, for MRI Software. "With the combined strength of MRI, MDA and PropSys, we're in a terrific place to continue helping real estate companies in Africa and the larger EMEA region take their business where they want to go for years to come."
MRI Software will continue to support PropSys property management and financial solutions, and clients will receive the same level of exceptional service. In addition, PropSys clients will benefit from MRI's comprehensive software portfolio and commitment to product innovation.
The breadth of MRI's solutions set will offer PropSys clients new avenues to increase their efficiencies and facilitate the growth of their businesses. The MRI Investment Suite, for example, features MRI Global Valuations which allows clients to quickly and accurately value complex commercial assets, while the MRI Financials Suite includes MRI Fixed Assets accounting software, a comprehensive solution that maximizes tax benefits, improves compliance and increases asset ROI.
"The opportunity to join MRI at a time of such exciting growth in the real estate sector, both in South Africa and across the world, was simply too good to pass up," said Marius Vermeulen, CEO of PropSys. "With MRI's expansive software capabilities, global reach and commitment to South Africa and Africa as a whole, I have the utmost confidence that the combination of our companies will help our clients reach new heights."
PropSys is MRI Software's second acquisition in South Africa, following its acquisition of MDA Property Systems in December 2017. It is also MRI's fourth acquisition in the EMEA region and its eighth acquisition overall since September 2017.
This expansion mindset, in combination with MRI's commitment to its comprehensive and open real estate software platform, has fueled significant revenue, bookings and new client growth.