MRI Software Expands Affordable Housing Leadership with Acquisition of IPM Software

IPM's Expertise Furthers MRI's Ability to Provide Innovation and Scale to the Affordable Housing Market

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Oct 10, 2018, 09:00 ET

SOLON, Ohio, Oct. 10, 2018 /PRNewswire/ -- MRI Software LLC, a global leader in real estate software solutions, today announced the acquisition of IPM Software, a provider of property management, accounting and compliance solutions for the affordable housing industry. IPM brings deep affordable housing expertise and market share, furthering MRI's continued scale and growth in a key market. MRI solutions are used to manage more than half of all affordable housing units in the U.S.

Headquartered in Texas, IPM Software serves hundreds of clients with its affordable housing property management and contract administrator solutions. IPM's CornerStone™ management solution is available as self- or cloud-hosted software and includes easily customizable modules for rent, payables, ledger, work order, and compliance for HUD and Low-Income Housing Tax Credit (LIHTC) that allow users to create the best solution for their unique needs, a concept that is strongly aligned with MRI's commitment to flexibility.

IPM's CaTRACr™ contract administrator solution implements core tasks associated with HUD certifications to build and audit vouchers, send certifications to HUD and electronically disburse payments to owners or agents. This represents a new addition to MRI's affordable housing portfolio serving the organizations that create and distribute HUD vouchers that allow individuals to subsidize their own housing due to public and affordable housing shortages.

"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," said David Carner, Senior Vice President of Residential Solutions at MRI Software. "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."

MRI's suite of affordable housing solutions extends from property management and compliance to investment management and, now, HUD voucher processing for contract administrators. Four of the five largest affordable housing developers and 22 of the top-50, as ranked by Affordable Housing Finance, rely on MRI for asset and property management, while each of the ten largest banks in the U.S. access MRI's Investor Connect portal to monitor affordable housing investments.

"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," said Bill Sullivan Jr., President at IPM Software. "This acquisition reflects a bright future for MRI, IPM and affordable housing owners and managers."

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 modeling 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 liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

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SOURCE MRI Software