MRI Software of Solon to acquire RentPayment business from Priority Technology

MRI Software of Solon said it will acquire the RentPayment business of Priority Technology Holdings Inc. (Nasdaq: PRTH), a unit that includes the, and real estate payment brands.

Financial terms of the deal were not disclosed. MRI Software, a provider of real estate software and services, said in a news release that the transaction is expected to close in the third quarter and is subject to customary regulatory approval.

Following the transaction, Alpharetta, Ga.-based Priority Technology “will provide ongoing payment infrastructure as a service and processing to the new platform at MRI,” the release stated.

Patrick Ghilani, CEO of MRI Software, said in a statement that the company “significantly expands our existing payments solution and scale and further improves both the resident and property manager experience provided by our platform” as a result of the acquisition and subsequent partnership with Priority Technology.

He added that the deal will “expedite the availability of our online payments solution to include both residential and commercial client offerings in all regions we serve, including Europe, Africa and Asia Pacific.”

The RentPayment business was founded in 1999. That platform now serves about 2,900 clients across the U.S. multifamily, single-family, storage and homeowners association markets.

MRI Software has about 2,000 employees globally.

Source Article