Real estate software company MRI Software just bought IPM Software, an affordable housing tech solutions company.
“Combining our experience and knowledge with MRI’s well-established real estate software capabilities positions us to match the needs of an ever-changing market at scale with continued innovation,” IPM Software President Bill Sullivan Jr. said in a statement.
“This acquisition reflects a bright future for MRI, IPM and affordable housing owners and managers,” he added.
According to MRI, this acquisition was made ahead of and in support of the 2019 launch of its affordable housing tech solution.
“The affordable housing market is actively seeking innovation, and we are answering the call. We’re now in position to do that across the industry, leveraging modern technologies and an unparalleled team of affordable housing specialists,” MRI Software Senior Vice President of Residential Solutions David Carner said in a statement.
“IPM’s hundreds of years of combined expertise, strong client list and robust solutions perfectly complement MRI’s core competencies as we prepare for the launch of our next-generation, web-based, affordable housing solution in the first half of 2019,” Carner said.
With the addition of IPM, MRI’s suite of affordable housing solutions will now cover property management, compliance, investment management and HUD voucher processing for contract administrators.
This acquisition is indicative of the building heat surrounding proptech and fintech companies, which are quickly becoming the belle of the investment ball, garnering serious financial support from the investment community this year.
Mega equity deals like Softbank’s $400 million investment in OpenDoor, are only the tip of the iceberg as the trend of smaller companies bolstering their tech operations through mergers, acquisitions and partnerships.