MRI Software may seek sale or U.S. IPO at $10B value

The private equity owners of real estate software provider MRI Software are exploring strategic options for the company, including a potential sale or public listing on a U.S. exchange, according to people familiar with the matter.

A deal, which could be finalized within the next 12 months, is expected to value MRI Software at up to $10 billion including debt, the sources said.

The ownership consortium includes TA Associates, Harvest Partners and GI Partners, which are working with Goldman Sachs on the process. Discussions were reportedly initiated following inbound acquisition interest from real estate and technology firms.

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Spokespeople for MRI Software, TA Associates, GI Partners and Goldman Sachs declined to comment, while Harvest Partners did not respond to a request for comment.

Headquartered in Solon, Ohio, MRI Software provides digital tools that help property owners, investors, and managers oversee both commercial and residential portfolios. Its software includes solutions for accounting, leasing, and financial management.

The company is nearing $1 billion in annual revenue and generates roughly $400 million in EBITDA (earnings before interest, taxes, depreciation, and amortization), the sources added. MRI has maintained a steady 10% annual growth rate, with more than half of its revenue derived from outside the U.S.

A sale or IPO at the projected valuation would mark a major exit for its private equity backers. GI Partners, which first invested in MRI in 2015, is on track to secure a ninefold return, while TA Associates, the largest stakeholder, could make seven times its investment, according to the sources.

The potential deal comes amid renewed merger-and-acquisition activity in the application software sector, particularly among firms offering real estate-focused technology. The stable recurring revenue of such businesses has been driving attractive valuations.

Just last month, Reports said that Altus Group, a Canadian real estate software and analytics provider, also began exploring a sale after receiving inbound acquisition interest.

With MRI Software’s market position strengthening and interest in real estate technology rising, the company’s next move—whether a sale or IPO—could reshape its role in the global proptech industry.