Real Estate Technology, Mortgage and Lending
Businesswire | July 03, 2023
PortX, the financial infrastructure and integration technology company that delivers open access to data and rapid innovation for financial institutions (FIs) through its Integration-Platform-as-a-Service (IPaaS), announced a new partnership with MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies. PortX has added the integration with the MeridianLink® One platform in order to increase value for customers looking to transform their digital lending.
MeridianLink's cloud-based solutions enable customers to build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle. Its scalable platforms help customers accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences. MeridianLink's partner marketplace supports hundreds of integrations for tailored innovation.
The partnership between PortX and MeridianLink® is expected to benefit FIs in multiple ways. PortX's platform will enable FIs to integrate MeridianLink's digital lending and account opening solutions into their existing systems quickly and seamlessly. This integration will provide PortX customers with simplified access to MeridianLink's sophisticated digital lending and account opening capabilities as well as data verification solutions for consumer reporting agencies. These capabilities can help FIs improve their lending processes and provide consumers with a seamless and engaging customer experience.
“We are excited to partner with PortX and leverage their platform to bring our digital lending solutions to more FIs," said Megan Pulliam, SVP of MeridianLink’s Partner Marketplace. "By combining our advanced lending capabilities with PortX's integration technology, we can provide FIs with a powerful suite of tools that unleash rapid project creation, accelerate speed-to-market, and ultimately drive digital transformation.”
“FIs need to stay ahead of the competition by integrating faster with innovative lending solutions," said David Wexler, CEO of PortX. "This partnership will bring MeridianLink's scalable and cloud-based platforms to more FIs, allowing them to deliver personalized lending experiences and build deeper relationships with their customers.”
PortX is an integration technology company focused on financial services infrastructure that delivers open access to core data and enables rapid project delivery, innovation, and optimal customer experiences. Our solutions facilitate interoperability between internal systems and member services such as online banking, credit checks, mortgage and loan applications, and more, allowing for a real-time 360-degree view of the customer. We help financial institutions empower their teams to connect to fintech partners and real-time payment networks like Zelle®, ACH, Fedwire, Mojaloop, and others. For more information, please visit www.portx.io.
MeridianLink® (NYSE: MLNK) powers digital lending and account opening for financial institutions and provides data verification solutions for consumer reporting agencies. MeridianLink's scalable, cloud-based platforms help customers build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle.
MeridianLink enables customers to accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences. Its partner marketplace supports hundreds of integrations for tailored innovation. For more than 20 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. For more information, please visit www.meridianlink.com.
Real Estate Investment, Asset Management
Businesswire | July 18, 2023
Ares Management Corporation (NYSE: ARES) (“Ares”) announced today that Ares has entered into a definitive agreement to acquire 100% of Crescent Point Capital (“CPC”), a leading Asia-focused private equity firm with approximately $3.8 billion of assets under management, as of March 31, 2023.
Founded in 2003, CPC has approximately 50 professionals. The team is headquartered in Singapore and has a presence in China, Indonesia, the Philippines and Vietnam. CPC pursues a private equity strategy focused on investing in industry-leading consumer companies across the larger Southeast Asia markets and China. Supported by a loyal and growing investor base over its nearly 20-year history, CPC has established a strong reputation and delivered attractive results investing through market cycles in its target sectors and geographies.
Ares has established direct sourcing and investment capabilities in the Asia Pacific region across the credit, private equity, real estate and infrastructure asset classes through Ares Asia, previously known as Ares SSG. Ares Asia operates with approximately 165 professionals across a local footprint of nine offices in key Asia Pacific markets, as of March 31, 2023. This transaction highlights a continuation of Ares’ global expansion and creates a compelling opportunity for Ares to capitalize on the strong growth prospects for dedicated Asia Pacific private equity strategies.
“We are proud of the significant Asia Pacific presence that we have established over the years, and we believe that CPC is an excellent platform that will further enhance our footprint and capabilities in the region,” said Michael Arougheti, Chief Executive Officer and President of Ares. “We have enjoyed the opportunity to develop a great relationship with the Crescent Point team. They are experienced investors who we believe will bring impactful synergies to our existing Asia team.”
“Similar to Ares, we believe CPC possesses a highly collaborative culture. We believe that they will bring deep private equity experience, relationships and a demonstrated track record of investing in markets that will greatly complement our efforts and footprint in the region,” said Edwin Wong, Head of Ares Asia. “The expansion of our local capabilities will also strengthen our position as a creative solutions provider to management teams and sponsors in the market.”
As part of Ares, CPC is expected to benefit from the advantages of Ares’ scaled global platform and network, including Ares’ local market presence across the Asia Pacific region. The transaction provides opportunities to enhance CPC’s growth through greater access to capital, market intelligence, transaction opportunities and expanded investor relationships.
“We look forward to joining Ares and we firmly believe that this combination will help further catalyze the growth of our business,” said David Hand, Managing Partner of CPC. “As part of a leading global brand and scaled platform, we expect to realize several shared benefits that will support our ability to deliver attractive investment returns for our investors, including greater market intelligence and a broader set of local sponsor relationships.”
The transaction is expected to be immediately accretive to Ares’ after-tax realized income per share of Class A and non-voting common stock. The transaction consideration will be primarily comprised of Ares Class A common shares subject to a multi-year lock-up. The transaction is expected to close in the third quarter of 2023 and is subject to customary closing conditions, including regulatory approvals.
Latham & Watkins served as legal counsel to Ares and Kirkland & Ellis and Milbank LLP acted as legal counsel to CPC.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2023, Ares Management Corporation's global platform had approximately $360 billion of assets under management, with more than 2,600 employees operating across North America, Europe, Asia Pacific and the Middle East.
About Crescent Point Capital
Crescent Point Capital pursues a private equity strategy focused on investing in category-leading companies in Southeast Asia and China. We focus on forming close partnerships with our portfolio companies by providing hands-on operational, financial and strategic value-add from the inception of an investment through to its exit. Since inception, we have completed investments in more than 50 transactions in our target markets, with 31 partial or complete monetization events accomplished as of March 31, 2023.
Market Outlook, Real Estate Technology
PRnewswire | July 19, 2023
MRI Software, a global leader in real estate solutions, announced that it has expanded its offerings to the Canadian market through the launch of its first cloud instance in Canada. MRI clients in Canada can now easily access the latest solutions from MRI and host their data in country, ensuring compliance with privacy and security regulations.
"We're thrilled to grow our footprint in Canada, demonstrating our continued commitment to ensuring our clients' success and supporting the larger Canadian market," said John Ensign, president and executive managing director of North America for MRI Software. "In fact, MRI was actually one of the first PropTech companies to support property management businesses in Canada, and in recent years, we've significantly expanded our portfolio of solutions in the region. The new cloud instance marks an important milestone in our ongoing efforts to deliver the best services and products to this market."
Through the new cloud instance, Canadian clients can take advantage of MRI Agora™, the company's next-generation real estate platform. Built on an AI-first foundation, MRI Agora empowers businesses to automate mundane tasks through connected data and shared services, and MRI Agora Insights unearths actionable portfolio trends to drive better business decisions. The hyper-connected platform bridges MRI's solutions with partner and third-party systems, providing users with the flexibility to control their technology strategy and embrace their applications and processes in a unified experience -- ultimately driving competitive advantage. Additionally, Canadian clients using MRI Property Management X and MRI Angus can now leverage MRI Agora to access the broader range of advanced capabilities from MRI and the PropTech ecosystem.
"MRI clients in Canada can now enjoy enhanced performance, security and compliance," says Terry Keller, MRI's senior vice president of information technology. "The ability to access the most advanced solutions from MRI and host data within Canada will give clients unprecedented insights into their property portfolios and clear the way for future scalability."
MRI has grown its longstanding presence in Canada, and the number of employees in the region has increased by over 400% within the past two years. In addition to extending access to the MRI Agora platform in the region, MRI has also expanded its facility management and energy management solutions. MRI's cloud instance in Canada is part of the Microsoft Azure data center footprint in Toronto and Quebec.
MRI's clients can learn more about today's announcement by registering for its upcoming Canadian Client Summit, which will be held July 27 at the Delta Hotel by Marriott in Toronto.
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.