MRI Software (“MRI”), a global provider of real estate software solutions has acquired Australian residential software provider Rockend.
For MRI, the acquisition expands their offering in the Australia and New Zealand markets, bringing with it more than 6,000 clients and 750,000 strata lots in the residential property management rental and strata sector.
“Acquiring Rockend represents a milestone in our global growth strategy, and it substantially extends MRI’s footprint in ANZ while paving the way for enhanced innovation and future expansion,” said Patrick Ghilani, Chief Executive Officer of MRI Software.
Mr Ghilani also says that Rockend clients will benefit from being part of a global provider with a broader set of offerings.
“The acquisition fits perfectly within our area of expertise and gives clients in the region access to even more local resources across our comprehensive range of solutions.
MRI entered the real estate software provider market in Australia and NZ in 1995, and today its commercial, residential and real estate investment software is used to manage more than 90,000 commercial lease units and over 62 million square meters of property.
Rockend, previously a family-owned business, are celebrating their 40th anniversary of operations in 2019.
John Ensign, President and head of international operations at MRI Software says that the acquisition of Rockend is complimentary to their existing products in the residential property management space.
“Going forward Rockend’s expertise and technology in the strata and community management marketplace can be applied to other geographies with similar needs – such as managing condominiums,” said Mr Ensign.
Rockend products include Property Tree, a cloud-based property management application, Rest Professional, and Strata Master.
Rockend’s Chief Executive Officer, Alister Maple-Brown said, “Demand for property and strata management solutions has surged as housing construction has boomed in Australia and New Zealand, particularly in the major cities.
“Joining an established global player with the scalability to meet that demand, take our technology to new markets and provide access to a broad range of related PropTech innovations to our local customers will help strongly position Rockend for continued growth.
“Additionally, MRI’s commitment to innovation and the industry is very much in line with the Rockend values.”