(Alpharetta, GA and Solon, OH) — September 23, 2020) – MRI Software (“MRI”), a global leader in real estate software solutions, and Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”), a leading provider of merchant acquiring, integrated payment software and commercial payment solutions, have completed the previously announced sale and acquisition of Priority’s RentPayment business, which is comprised of the RentPayment.com™, StorageRentPayment.com™ and DuesPayment.com™ real estate payment brands. Going forward, Priority will provide ongoing payment infrastructure as a service and processing to the new platform at MRI.
“I am thrilled to welcome the pioneering RentPayment solution and team, which bring more than two decades of deep payments expertise and success to the MRI family,” said Patrick Ghilani, Chief Executive Officer of MRI Software. “This acquisition will significantly scale and advance our global payments offering, allowing our MRI Living clients in the residential, affordable, and public housing sectors to benefit from broader payment options and channels. RentPayment will be the go-forward brand in all our global regions and submarkets.”
Founded in 1999, the RentPayment business pioneered real estate payments with the industry’s first comprehensive payment platform for consumer rent. Today, the RentPayment platform serves some 2,900 clients across the U.S. multi-family, single-family, storage and HOA markets. The RentPayment, DuesPayment, and StorageRentPayment brands provide a feature rich suite of payment solutions, including resident rent payments and security deposits via web and mobile to landlords and property managers.
Existing clients of the RentPayment platform will continue to receive uninterrupted service led by Copley Broer and Jamey Rosamond, who helped build the platform within Priority. MRI remains committed to providing and supporting payments solutions for all organizations, regardless of their property management software. Similarly, MRI remains committed to providing choice and flexibility for its clients through an open and connected ecosystem that includes multiple payments partners.
“We are excited to expand our RentPayment partnership with MRI as its payment operations and processing engine,” said Tom Priore, Chairman and Chief Executive Officer of Priority. “The RentPaymentbusiness and its investment in renter engagement is a great fit for MRI’s open and flexible platform, and we are eager to focus our resources to drive adoption of the expanding MRI payment offering in the US and globally,” added Priore.
Kirkland & Ellis LLP acted as MRI Software’s legal counsel for the transaction.