Tenmast Software acquired by MRI Software

Tenmast Software’s focus on compliance enables MRI to expand upon their property management platform to create a more comprehensive set of solutions for public and affordable housing organizations.

Tenmast-James-Mauch
, CEO, Moxiworks

Client Description

The company

Tenmast Software serves PHAs with more than 20,000 units, agencies with state-wide programs, and agencies that manage all federal, state, and local housing subsidies. Tenmast Software serves PHAs with more than 20,000 units, agencies with state-wide programs, and agencies that manage all federal, state, and local housing subsidies.

Headquarters

Lexington, KY

Buyer Description

The company

MRI Software is a leading provider of innovative real estate software applications and hosted solutions.

Headquarters

Cleveland, OH

PRESS RELEASE OVERVIEW

SEG Client, Tenmast Software, Acquired By MRI Software

Oct. 10, 2017 — Software Equity Group (SEG) announces its client, Tenmast Software, a leading provider of public housing authority (PHA) and private affordable housing management software, has been acquired by MRI Software, a global leader in real estate software solutions. Tenmast offers streamlined, easy-to-use software that keeps public housing authorities (PHAs) continually in compliance with the ever-changing rules of federal affordable housing regulators. Tenmast software integrates HUD, USDA and IRS compliance into every aspect of the housing cycle. Tenmast serves PHAs with more than 20,000 units, agencies with state-wide programs, and agencies that manage all federal, state, and local housing subsidies. SEG served as exclusive advisor to Tenmast Software.

“Affordable housing continues to be an important segment of the multifamily industry, and we are now positioned to service both housing authorities and landlords with a broad array of solutions,” said MRI CEO Patrick Ghilani. “MRI has invested at an unprecedented level in mutlifamily, and that commitment extends to affordable and public housing. With this acquisition, we’re building on our existing strength in property management and compliance to provide public and affordable housing organizations with a broader, more comprehensive set of solutions.”

The demand for public housing continues to grow and is outpacing supply. Only one in five people who qualify for public housing are currently able to obtain it. This gap between supply and demand is being filled by not-for-profits in need of real estate management tools that ensure they are in compliance with federal regulations.

Tenmast excels at compliance, and when combined with MRI’s flagship open and connected property management platform, Tenmast clients will have access not only to MRI’s extensive solution set, but also to the solutions available from other vendors through Partner Connect. Additionally, MRI’s greater size and scale will enable the combined company to invest even more resources into innovation and support.

“MRI is strongly committed to supporting our clients and is devoting substantial resources to further develop our solutions, with the aim of providing a world-class user experience on a web-enabled platform,” said James C. Mauch, CEO of Tenmast. “In fact, we see near-term opportunities to enhance Tenmast with additional functionality, such as electronic document signing and automated communications. This is a combination that will greatly benefit the public and affordable housing industry.”

“For far too long the public housing segment has been underserved,” said David Carner, Group Vice President, Multifamily at MRI Software. “MRI is excited to bring the next level of technology to this critical component of the nation’s overall housing strategy, building on the expertise Tenmast has developed having served the unique needs of public housing for more than thirty years. We will continue to service our new clients from Tenmast with vigor as we chart a course towards a fully featured, web-based solution that delivers an intuitive user experience.”

Tenmast is MRI Software’s third acquisition in the multifamily space in the last 12 months. MRI previously acquired CallMaX, an automated communications solution, and ResidentCheck, a resident screening solution.

Read full press release