Country for PR: United States
Contributor: PR Newswire New York
Thursday, January 13 2022 - 15:13
MRI Software acquires LeaseEagle to help tenants navigate COVID-related rent relief under IFRS-16
SYDNEY, Jan. 13, 2022 /PRNewswire-AsiaNet/ --

--Latest acquisition further increases MRI's APAC presence, support and client 

Global PropTech leader MRI Software ( 
) today announces its acquisition of LeaseEagle ( 
), a Melbourne-based regional leader in commercial property lease management 
solutions for tenants in corporate, retail, healthcare and other sectors. 
Founded in 2005, LeaseEagle's software is used by clients to manage over 50,000 
locations across Australia, New Zealand and South Africa.

Photo -

Logo -

The solution meets a timely need as COVID-19 rent relief amendments made to 
International Financial Reporting Standard IFRS-16 in 2020 may still be 
relevant to pandemic-affected commercial tenants in 2022. As well as ensuring 
complex accounting standard compliance, LeaseEagle's advanced cloud-based 
software reduces the risk of missing critical lease dates and makes detailed 
occupancy analysis across multiple real estate assets simple. It also provides 
data-driven reporting for better decision making, saves time and improves 
accuracy with automated invoicing to significantly increase business process 

MRI Software managing director and senior vice president (Asia Pacific), David 
Bowie, says adding LeaseEagle to MRI's existing suite of integrated workplace 
management systems (IWMS ( 
)) and unique AI-based lease abstraction and intelligence solutions ( 
) is "timely and strategic."

"Commercial property deals in 2021 were nearly double the value ( 
) of 2020 investments amid the most extensive rewrite of property leases in 
history. That mix of fast growth and complex change represents very high risk, 
and I believe this acquisition gives MRI the right solutions and expertise to 
help clients measurably reduce that risk."

Mr. Bowie explains, "Very few tenants retained a simple monthly rental profile 
over the last 18 months. Many faced variable credits, floating deferments and 
conditional termination rights, all of which heighten the risk of manual error 
that can cost organisations dearly – in some cases, as much as hundreds of 
thousands of dollars. 

"For large tenants, the complexity and burden for compliance and accuracy with 
data-intensive lease accounting standards is significant. LeaseEagle provides 
those organisations with the ability to centralise all lease and franchise 
information, gain real-time reporting and integrate process automation, and 
we're thrilled to welcome them to the MRI family," Mr. Bowie says.

Lee Trevena, chief executive officer and founder of LeaseEagle, adds, "I had 
each one of our 185+ clients in mind when considering this transaction. 
Well-loved brands rely on LeaseEagle as a single source of truth for multi-site 
lease management, and MRI's history of cultivating a client-centric culture and 
bringing in the right talent to deliver the best value to their customers makes 
this the perfect fit. I look forward to the LeaseEagle team adding to that 

"My strong belief is that joining the global MRI family provides LeaseEagle 
customers the best of both worlds by giving them access to some of the world's 
best real estate expertise, innovation, client service and support resources 
while maintaining everything they know and love about LeaseEagle," Mr. Trevena 

COVID-19 impacts IFRS-16/AASB-16/NZ IFRS-16 standard compliance

The International Financial Reporting Standards (IFRS ( 
)), the Australian Accounting Standards Board (AASB ( 
)) and the New Zealand Accounting Standards Board (NZASB) mandated full 
compliance from 1 January 2019 with new lease accounting standards known as 
IFRS-16 globally and AASB-16 and NZ-IFRS-16 in Australia and New Zealand, 
respectively. Since then, far more complex lease reporting data is required 
across entire lease and option periods, and COVID-19 rent relief amendments 
first made in 2020 may continue to apply into 2022 for pandemic-affected 
commercial tenants. 

For those companies impacted, non-compliance is simply not an option. 
LeaseEagle ensures clients have the reporting, analysis and data management 
needed to effectively maintain compliance while balancing their already 
demanding workload managing commercial tenants with multiple sites during such 
historically significant and disrupted times.

LeaseEagle is the fifth acquisition by MRI Software of PropTech innovators in 
Australia and New Zealand in the last few years. The four other recent Asia 
Pacific acquisitions are Box+Dice ( 
), Palace ( 
) and WhosOnLocation ( 
) in 2021, and Rockend ( 
) in August 2019.

About MRI Software
MRI Software is a leading provider of real estate software solutions that 
transform the way communities live, work as well as play. MRI's comprehensive, 
flexible, open and connected platform empowers owners, operators and occupiers 
in commercial and residential property organisations to innovate in rapidly 
changing markets. MRI has been a trailblazer in the PropTech industry for over 
five decades, serving more than two million users worldwide. Through leading 
solutions and a rich partner ecosystem, MRI gives real estate companies the 
freedom to elevate their business and gain a competitive edge. MRI became one 
of the first real estate software providers to serve Australia and New Zealand 
in 1995 and further strengthened its commitment to the region with acquisitions 
of Rockend, WhosOnLocation, Palace, Box+Dice and LeaseEagle. For more 
information, visit ( 

Media contacts
For more information, to arrange an interview and/or high-res photography 
please contact the PR person listed below closest to you:

Australia & New Zealand 
Heather Jones 0400 394 669

Hugh Filman +44 7905 044850 
Zoe Mumba +44 7725 832393	

North America 
Rachel Antman +1 212 362 5837 
SOURCE: MRI Software in Australia and New Zealand