GI Partners is buying real estate software company MRI Software LLC for an undisclosed amount.
The Solon, Ohio-based company has about 1,750 customers in the commercial and residential real estate industries, including intuitional investors, real estate investment trusts in the National Multi-Housing Council.
The company has been backed by San Francisco private equity firm Vista Equity Partners since 2010, when the firm bought Intuit's real estate solutions business and rebranded the company MRI. Under Vista's ownership, the company acquired Cougar Software, VaultWare, Bostonpost Technology and Workspeed Management.
San Francisco private equity firm GI Partners made the investment from its fourth fund, which closed with $2 billion in 2014. The acquisition will allow GI to leverage the U.S. housing recovery, a shift that has inspired other deals, including the merger of building products businesses Stock Building Supply Holdings Inc. and Building Materials Holding Corp., announced June 3.
GI generally invests between $50 million and $300 million in equity per deal. The firm's recent investments include Canadian health care company Logibec Inc. and grocery management business Kellermeyer Bergensons Services LLC.