A cross-border Private Equity team advised MRI Software (MRI) in connection with obtaining the financing to acquire Castleton Technology Plc (Castleton). Upon closing, MRI expects the acquisition will extend its residential market offering and accelerate the development of Castleton’s cloud-based technologies to serve the needs of social housing providers. The acquisition has been unanimously approved by the boards of MRI and Castleton and is pending shareholder approval.
Castleton’s cloud-based technology is used by social housing providers in the UK, Republic of Ireland and Australia. MRI plans to build on Castleton’s capabilities, providing investment and access to global expertise that will accelerate growth.
MRI Software, a portfolio company of TA Associates, GI Partners and Harvest Partners, is a leading provider of innovative real estate software applications and hosted solutions. The company’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 modelling 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.
TA Associates is a leading global growth private equity firm focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services.
For additional details on the transaction, please read the press release.