MRI Software acquires LEVERTON
MRI Software, a provider of real estate software solutions, is acquiring LEVERTON, an artificial intelligence (AI)-powered data extraction solution for real estate and corporate documents.
The acquisition bolsters MRI’s flexible offering and gives property owners, service providers, and corporate occupiers broader access to LEVERTON’s market-leading automated lease abstraction application.
With LEVERTON, organizations are able to more quickly and efficiently turn unstructured information in leases and other corporate and legal documents into data sets that can be mined for actionable insights, leading to better business decisions and improved operational efficiencies.
The acquisition of LEVERTON brings a true innovator and global PropTech leader into the MRI family, with expertise in the application of AI to real estate data collection, management, and analytics, said Patrick Ghilani, MRI’s chief executive officer.
Going forward, the company incorporate AI-driven ‘LEVERTON intelligence’ into the very fabric of MRI’s DNA, enhancing its singular customer experience by enabling clients throughout the world to tap into data across the MRI ecosystem, Ghilani explained.
Using proprietary optical character recognition technology and AI-based, deep learning algorithms to “read” and capture thousands of data points from multiple sources in up to 25 languages – which can include scanned paper, PDFs, and processable documents with inconsistent standards – LEVERTON creates searchable, structured data sets that provide a clear and accurate picture of a business’ real estate assets.
The cloud-based AI engine positions real estate owners, operators, and occupiers to optimize their handling of contracts, run operational teams more efficiently and process transactions faster – enabling them to more effectively manage revenue and expense streams across property portfolios.
The ability to create transparent, accurate and auditable lease portfolios has become critical for companies with real estate assets working to comply with global accounting standards such as IFRS 16 and ASC 842.
As it scans leases and related documents, the LEVERTON AI engine “learns” to spot key data points such as start and end dates, critical options and renewals, and rates per square foot.
The AI can also take in variables such as whether utilities are included or excluded, property tax, and common area costs such as general maintenance, security and landscaping – and it self-adjusts as it applies new learnings.
Once extracted, lease and other data can then be analyzed for trends and patterns to uncover hidden insights that guide negotiation strategies, reduce administration costs, boost efficiencies and uncover revenue opportunities such as rent-roll comparisons and anomaly detection of key lease terms.
Prior to the acquisition, LEVERTON was an MRI partner for more than two years and is already used by several MRI clients as part of their integrated property management system.
For more information about this news, visit www.mrisoftware.com.