MRI Software (“MRI”), a global leader in real estate software solutions, announces that it has acquired Rockend, the market-leading provider of residential property and strata management solutions for the Australian and New Zealand (ANZ) PropTech sector. The acquisition significantly expands MRI’s offering in the ANZ market and brings the largest residential footprint in Australia into the MRI fold, bolstering the company’s established presence as a real estate technology trailblazer.
Rockend is the leading real estate technology provider in the ANZ residential property management rental and strata sector with close to 6,000 clients. The company’s solutions are used by real estate agencies in ANZ to manage more than 1.5 million rental properties and by strata businesses to manage 750,000 strata lots in the region. Strata lots are multi-owner, multifamily residential communities that use Rockend technology for the management and upkeep of each property complex, including strictly regulated funds earmarked for ongoing maintenance, insurance and other common costs.
“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,” says Patrick Ghilani, Chief Executive Officer of MRI Software. “The acquisition fits perfectly within our area of expertise and gives MRI clients in the region access to even more local resources across our comprehensive range of solutions. Rockend clients will likewise benefit from being part of a global provider with a broader set of offerings.”
MRI became the first major real estate software provider to serve ANZ when it entered the market 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.
“Acquiring Rockend greatly extends our capabilities in the multi-owner, multi-family and residential property management space, enhancing and extending the MRI residential solutions suite,” notes John Ensign, President and head of international operations at MRI Software. “What’s more, 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.”
Headquartered in Sydney, Rockend is a proven innovator in residential property management software, launching ANZ’s first online solution for this marketplace, Property Tree, a cloud-based property management application, covering operations, communications and accounting – allowing anywhere, anytime access with intuitive functionality. Other Rockend solutions include Rest Professional, its server-based property management application, and Strata Master, its software for owner associations to manage accounts, maintenance and board/owner meetings – automating everyday tasks, simplifying compliance and improving customer service.
Alister Maple-Brown, Rockend’s Chief Executive Officer, says: “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.”
By bolstering MRI’s market presence in ANZ, increasing staff as well as expanding its offering, the acquisition of Rockend will enable the combined companies to serve clients in the region even more effectively.