ProLease, a Stamford provider of lease administration, lease accounting, lease analysis and workplace management applications, has been acquired by MRI Software for an undisclosed amount.
The ProLease deal is intended to bolster MRI’s capacity to help clients manage leases for equipment such as vehicle fleets, copiers, forklifts, and industrial machinery. ProLease was one of the first solutions updated to address the new global Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting standards (ASC-842 and IFRS 16).
“The change in accounting standards has driven public and private companies to reexamine their current processes and identify more efficient solutions for managing their lease portfolios,” said ProLease Chairman and Chief Architect Alan Bushell. “We are pleased to become part of an organization like MRI that shares our commitment to innovation, which will empower our team to continue making advancements around effective lease management and accounting technology.”
ProLease serves more than 700 clients across 40 industries, including real estate, retail, health care, government and education. Clients include 3M, Citrix, Clear Channel, Del Monte, Penske and Yale New Haven Health.