TA Associates has agreed to invest in real estate software firm MRI Software. GI Partners, which backed the target in 2015, will keep its stake in MRI.

MRI, founded in 1971, and based in Solon, Ohio, provides software that helps commercial and multifamily property managers with leasing, finances and tenant management. The company has 3,100 clients. Shea & Co. is advising MRI and GI Partners. SunTrust Robinson Humphrey is advising TA Associates.

MRI CEO Patrick Ghilani says bringing on TA Associates "will provide additional resources to fuel our growth through further expansion of our international footprint." Financial terms of TA Associates' investment were not disclosed. TA Associates recently made another software deal in analytics company ITRS.

Demand for real estate related assets and software has been picking up, as companies rely more on technology to manager their properties. In 2016, Genstar Capital acquired real estate software company Accruent. Meanwhile, PE firms have been closing real estate-focused funds. In 2017, Carmel Partners closed its sixth fund to focus on the sector and Jaguar Growth Partners raised its first real estate fund.

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