MRI Software has acquired TCAM Asset Management, a move that deepens the company’s growing affordable housing business.
With the acquisition, MRI, a provider of real estate software applications, gains TCAM’s extensive expertise in affordable housing asset management and advisory services. Terms of the deal were not disclosed.
Headquartered in Boston, TCAM provides services to clients with more than 1,600 properties and 176,000 apartment units across 48 states, Washington, D.C., and Puerto Rico. Its clients include real estate developers, banks, insurance companies, housing agencies, and others.
TCAM’s experts have a combined 325 years of experience in the affordable housing and tax credit industries, with success in leading the underwriting, structuring, and management of diverse, multibillion-dollar portfolios.
The two companies are well familiar with one another, having worked together for the past decade. Prior to the acquisition, TCAM had been using MRI’s Investment Central product as part of its asset management offering.
“TCAM has been an MRI client for 10 years, and, throughout our relationship, we have been highly impressed by the team’s deep expertise in affordable housing and tax credit asset management,” said Stan Price, senior vice president of investment solutions at MRI Software.
Being under the same umbrella will allow the companies to be more creative with how they combine services and technology for the industry, according to Price, a co-founder of Integratec Services, which was sold to MRI in 2016.
“TCAM’s asset management and advisory services are a natural extension of MRI’s comprehensive investment and property management software and data management services, enabling MRI to provide a complete solution for affordable housing investors, syndicators, owner/operators, and housing agencies,” he said.
The acquisition also gives MRI a strong presence in Boston, a city that’s home to a large number of affordable housing organizations.
The move benefits TCAM because more and more of its clients are looking for technology solutions, said Jenny Netzer, CEO of TCAM and an affordable housing industry veteran.
“The ability to work closely with MRI in a more integrated fashion is going to allow us to find better solutions and more comprehensive solutions,” she said.
From a big-picture perspective, the union is path breaking, bringing together an asset management company with a software firm, according to Netzer. “It speaks to the future,” she said.
The company will continue to operate as TCAM, with its existing management and staff.
The transaction is the latest in a series of recent acquisitions by MRI. In October, the company announced it had acquired IPM software, a provider of property management, accounting, and compliance solutions for the affordable housing industry.
