MRI Software Acquires Melbourne-based LeaseEagle to Help Tenants Navigate Changing Lease Accounting Compliance Requirements
Global PropTech leader MRI Software today announces its acquisition of LeaseEagle, an Australian-based leader in commercial property lease management solutions for tenants in corporate, retail, healthcare and other sectors. Founded in 2005, LeaseEagle’s software is used by clients to manage over 50,000 locations across Australia, New Zealand and South Africa.
LeaseEagle delivers advanced software solutions designed to help commercial tenants effectively manage lease commitments across multiple real estate assets. In addition to ensuring compliance with IFRS 16/AASB 16 lease accounting standards, LeaseEagle’s cloud-based platform reduces the risk of missing critical lease dates and makes detailed occupancy analysis simple. It also provides data-driven reporting for better decision making, saves time and improves accuracy with automated invoicing and significantly increases business process efficiency.
MRI Software managing director and senior vice president (Asia Pacific), David Bowie, says adding LeaseEagle to MRI’s existing suite of integrated workplace management systems (IWMS) and unique AI-based lease abstraction and intelligence solutions is “timely and strategic.”
“Australian commercial property deals in 2021 were nearly double the value of 2020 investments amid the most extensive rewrite of property leases in history. That mix of fast growth and complex change represents very high risk, and I believe this acquisition gives MRI the right solutions and expertise to help clients reduce that risk.”
Mr. Bowie explains, “Very few tenants retained a simple monthly rental profile over the last 18 months. Many faced variable credits, floating deferments and conditional termination rights, all of which heighten the risk of manual error that can cost organizations dearly – in some cases, as much as hundreds of thousands of dollars.
“For large tenants, the complexity and burden for compliance and accuracy with data-intensive lease accounting standards is significant. LeaseEagle provides those organizations with the ability to centralize all lease and franchise information, gain real-time reporting and integrate process automation, and we’re thrilled to welcome them to the MRI family,” Bowie says.
Lee Trevena, chief executive officer and founder of LeaseEagle, adds, “I had each one of our 185+ clients in mind when considering this transaction. Well-loved brands rely on LeaseEagle as a single source of truth for multi-site lease management, and MRI’s history of cultivating a client-centric culture and bringing in the right talent to deliver the best value to their customers makes this the perfect fit. I look forward to the LeaseEagle team adding to that legacy.
“My strong belief is that joining the global MRI family will provide our customers the best of both worlds by giving them access to some of the world’s best real estate expertise, innovation, client service and support resources while maintaining everything they know and love about LeaseEagle,” Trevena says.