MRI Software Acquires Jenark from CoreLogic

Rhea-AI Summary

MRI Software has acquired Jenark™ from CoreLogic (NYSE: CLGX), enhancing its residential property management software portfolio. This acquisition supports the unique needs of community and homeowner associations, streamlining various operational processes. With Jenark, MRI now manages over 16 million residential units globally. This marks MRI's eighth acquisition in 2020, following various strategic expansions, including CheckpointID and RentPayment. The deal promises uninterrupted support for Jenark users and additional value through MRI's expansive application ecosystem.

Positive

• Acquisition aligns with MRI's existing product suite, enhancing capability in residential property management.
• MRI now serves over 16 million residential units globally, significantly expanding its market footprint.
• Uninterrupted support for existing Jenark users, along with access to a range of complementary applications.

Negative

• None.

SOLON, Ohio, Oct. 29, 2020 /PRNewswire/ -- MRI Software, a global leader in real estate technology, has acquired residential property management software Jenark™ from CoreLogic, Inc. (NYSE: CLGX). 

Jenark aligns with MRI's existing product set for the management of residential property portfolios, addressing the unique needs of community and homeowner associations by facilitating processes, operations, transactions, communications, accounting, administration, and reporting. The solution is used by hundreds of management companies and large self-managed communities, representing half a million residential units within the U.S.

"We're delighted to welcome Jenark to the family and further extend the footprint of our comprehensive, end-to-end MRI Living suite," says Patrick Ghilani, Chief Executive Officer of MRI Software. "With this strategic expansion we now serve over 16 million residential units worldwide, and we look forward to bringing the benefits of our scale and innovation to the Jenark users."

Ghilani adds: "We will continue to serve and support Jenark users without interruption, now and into the future. Furthermore, we will offer added value from the range of connected, complementary MRI and partner applications Jenark clients can leverage."

The acquisition of Jenark is MRI's eighth of 2020 to date. It follows the additions of CheckpointID™, RentPayment™ and Lindsey Software to the MRI Living portfolio; lease administration services provider MacMunnis to MRI's global occupier suite; and Housing Partners, Castleton Technology Plc and Orchard Information Systems, which form the new MRI Social Housing offering in the UK and Ireland.

For the acquisition of Jenark, Dickinson Wright PLLC served as MRI Software's legal advisor.

Truist Securities served as CoreLogic's financial advisor.

About MRI Software
MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI's comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses – from property-level management and accounting to investment modelling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI gives organisations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:

(U.S. for MRI)
Rachel Antman
+1 212-362-5837
rachel@saygency.com

(U.K.) Platform Communications for MRI
Hugh Filman (+44 7905 044850)
or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

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SOURCE MRI Software

FAQ

What is the significance of MRI Software's acquisition of Jenark?

The acquisition enhances MRI Software's capabilities in residential property management, allowing it to serve over 16 million residential units globally.

What does the acquisition of Jenark mean for CoreLogic (NYSE: CLGX)?

For CoreLogic, the sale of Jenark may indicate a strategic focus on its core offerings and resource realignment.

When did MRI Software acquire Jenark?

The acquisition was announced on October 29, 2020.

How does the acquisition of Jenark impact existing users?

Existing Jenark users will continue to receive support without interruption and will gain access to MRI's extensive application ecosystem.