May 27, 2020 @ 14:07 by Richard Dawson
Orchard Information Systems, a provider of software solutions to the UK housing sector, has now been acquired by US real estate technology group MRI Software, with advice from Muckle LLP and MHA Tait Walker.
The merger follows a previous acquisition by Newcastle-based Orchard of InterNETalia Ltd, a repair and maintenance software company, which completed at the beginning of the year.
Both Muckle and Tait Walker also advised on that deal and have been heavily involved in negotiations with the American global software leader, MRI.
With locations across the UK and in Ireland, Orchard is a key provider of social housing property management solutions and services to UK housing organisations and councils.
Pat Clarke, Orchard CEO, said: “Tech sector M&A advice can be more complex than buying and selling more traditional businesses, so working closely with proven advisors at Muckle and Tait Walker has made the process much easier than it might have been.”
“As part of MRI Software, Orchard will gain access to additional resources, technology and expertise to further strengthen our support for UK social housing.
“The acquisition brings together two companies with a shared commitment to innovation and a strong alignment of culture and values, paving the way for us to better serve the changing needs of the UK social housing sector.”
As a result of the deal, Orchard clients can now benefit from MRI’s additional cloud software packages, resident portal and component accounting capabilities to help manage and grow portfolios.
Muckle corporate partner Anthony Evans, who led the legal negotiations on behalf of Orchard alongside solicitor Hayden Richards, said: “Pat and the team at Orchard have built a fantastic business and it was a real pleasure to work with the team again.
“This is an excellent deal for both businesses and a fantastic opportunity for Orchard to continue to grow its UK presence with the additional support, technology and expertise available as part of the MRI global group.”
MHA Tait Walker’s corporate finance team, led by Steve Plaskitt with support from Graham Brown, provided expert financial advice on the deal whilst Alastair Wilson, tax partner, provided taxation support.
Steve Plaskitt, corporate finance partner at MHA Tait Walker, said: “We were delighted to have acted for Orchard and the vendors on this important deal. We would like to wish the team all the best for the future as they move forward with their new businesses.”