US giant buys UK's Qube Software
US-based MRI Software, a real estate software specialist, has bought UK-based Qube Global Software. Following MRI's acquisitions of Qube and Real Asset Management, which was announced last month, the combined company now serves 5,500 clients with a global team of more than 1,000 employees. MRI's 350 employees in the UK make it one of the largest property tech providers in the country, and in Europe as a whole, it says.
"The global real estate sector is growing at unprecedented rates, with investors and capital seamlessly crossing borders and spanning continents," said Patrick Ghilani, Chief Executive Officer of MRI Software. "The union of MRI Software and Qube Global Software establishes a technology powerhouse to support investors, agents, and occupiers globally and locally. By uniting MRI's strength and history in North America with Qube's European market expertise, along with both companies' long-standing Asia-Pacific footprint, we are uniquely positioned to address the varying needs of the global real estate market with a comprehensive and flexible portfolio."
Qube's property and financial management capabilities, as well as facilities management, integrated workplace management systems (IWMS), and space management solutions, complement MRI's existing offerings. Qube's property management offerings serve both the commercial and residential real estate sectors, including lettings, which is experiencing increased demand in the UK. The acquisition also provides Qube clients access to MRI's financials and investment suite, including solutions for asset management, scenario modelling, and investor relations.
"It's rare to find two organisations so closely aligned strategically as MRI and Qube, with a long history in the real estate space and a shared vision of providing an open platform that maximises flexibility and choice for clients," said John Cuppello, Chief Executive Officer of Qube Global Software. "It's a tremendous time to become a part of MRI, and our capabilities and expertise will play a meaningful role in helping the combined company continue to grow and thrive."