GI Partners and TA Associates, the private equity owners of MRI Software are weighing strategic options for the real estate software provider, including a potential sale or IPO that could value the business at up to $10bn including debt, according to sources.
The investor consortium – led by TA Associates alongside Harvest Partners and GI Partners – has mandated Goldman Sachs to run the process, which follows inbound interest from real estate and technology buyers. A transaction is expected within the next 12 months.
Headquartered in Solon, Ohio, MRI has grown into a global provider of property management software, generating close to $1bn in annual revenue and around $400m in EBITDA. The company has maintained 10% annual growth, with more than half of its revenues derived internationally.
A liquidity event at the targeted valuation would crystallise significant gains for MRI’s backers. GI Partners, which first invested in 2015, is on track to deliver a 9x return, while TA Associates, the largest shareholder, is set for a 7x multiple, sources said.
