MRI Software Enters Agreement to Acquire Manhattan Real Estate and Workplace Solutions from Trimble
Global PropTech provider boosts its workplace management offering, enhancing its unique position to serve real estate owners, operators and occupiers
Solon, Ohio – February 17, 2021 – MRI Software, a global leader in real estate software, announces that it has entered into an agreement to acquire Manhattan, the real estate and workplace solutions division of Trimble (NASDAQ:TRMB), based in Sunnyvale, California. The acquisition will extend the range of MRI’s occupier solutions, providing a broader scope of offerings for commercial property owners, operators and tenants worldwide. The transaction is subject to a number of closing conditions and is expected to close in the first half of 2021.
“The world of work has changed fundamentally over the past year, and companies require innovative solutions that enable flexibility for their workplaces and leases,” says Patrick Ghilani, Chief Executive Officer of MRI Software. “The acquisition of Manhattan will bring a well-respected industry leader with a strong heritage into the MRI fold, and our combined workplace management capabilities uniquely position us to serve the needs of owners, operators and tenants across the real estate spectrum.”
The acquisition aligns with the ongoing strategic expansion of MRI’s corporate occupier business, giving clients a 360-degree view of their workplace and simplifying the complexities of managing diverse portfolios. Additionally, the acquisition enhances MRI’s Integrated Workplace Management System (IWMS) offering with robust workplace scheduling and facilities management capabilities, complementing its comprehensive lease accounting and administration offering. Manhattan clients gain access to a broader scope of applications to manage their lease portfolio, including MRI’s artificial intelligence (AI)-powered lease abstraction platform. In addition to strengthening MRI’s technological footprint, the acquisition also bolsters its client base in North America, Europe and Asia Pacific, and the combined company will serve 2,300 corporate occupiers. Manhattan has employees in the United States, United Kingdom, India and Australia.
Suresh Sundaram, General Manager of Trimble Real Estate Solutions, said: “There is a real synergy between Manhattan’s offering and MRI’s occupier solutions that will benefit the clients of both businesses – and indeed any corporate occupier. Manhattan will gain from joining a larger organization committed to investing in innovative real estate technology. Both companies have a tremendous commitment to enabling finance and real estate teams to better manage their lease portfolios while maintaining compliance with global lease accounting standards, including FASB, IASB, and GASB.”
The agreement to acquire Trimble’s real estate division follows the acquisition at the end of January of North Carolina-based AMTdirect, a provider of lease accounting, lease administration and facilities management solutions for corporate occupiers and lessees. Both moves underline MRI’s growth strategy to expand its offerings for the global workplace management market. MRI will continue to support Manhattan clients without interruption.