Dallas, TX – April 23, 2003 – Realm Business Solutions, Inc. and Yardi Systems, Inc. today jointly announced that the two companies have entered into a strategic business alliance, which establishes cross-platform data standards and co-sponsored applications to better facilitate the exchange of operating information throughout the real estate industry. In addition, the companies also announced that Yardi has acquired the operations of two Realm product lines, Realm Enterprise and BJ Murray.
“This agreement is a true milestone for the real estate technology industry,” commented Don MacKinnon, President and CEO of Realm. “Never before have two market leaders of this size worked together to establish data transfer standards between product lines. The true winners from this relationship will be our customers, which together represent more than 20,000 leading real estate organizations.”
The business alliance establishes that the two companies will work in conjunction to develop and support data integration standards, including reXML, between their respective applications. The first of their co-sponsored applications is Realm’s CONNECT product, which enables data transfer between Yardi Enterprise and Realm’s leading asset valuation tool, ARGUS.
“By reducing the time and effort required to share data across applications,” noted Anant Yardi, founder and CEO of Yardi Systems, “visibility and operational performance is improved throughout the organization. This strategic alliance ensures that the data integration is tested, supported and extremely effective, even as our products grow.”
As part of the business alliance, Realm and Yardi will jointly market and promote certain Realm products to the Yardi customer base including Realm’s line of cash flow management solutions, COLLECT and PAY. COLLECT and PAY automate today’s manual, paper based rent collection (i.e. checks, ACH and credit cards) and invoice processes.
In a separate agreement, Yardi acquired Realm’s mid-tier property management product lines, Realm Enterprise and BJ Murray. The decision to sell these businesses came after careful consideration of the factors necessary to ensure the long-term success of these client bases.
"We see this transition as an important and positive step, not just for Realm and Yardi, but also for the users of Realm Enterprise and BJ Murray in particular,” commented Mr. MacKinnon. “Like Realm, Yardi is recognized for excellent customer support and service that they provide to what has become the largest PM user community in the industry. More importantly, this transition will provide users of Enterprise and BJ Murray with market knowledge and product direction from a proven and experienced leader in mid-tier property management"
Mr. Yardi continued, “We look forward to meeting the Realm Enterprise and BJ Murray customer base. Their loyalty and support over the years is a testament to the experience and dedication of our newest employees. Our commitment to customer satisfaction, together with employee continuity, will ensure an orderly and uninterrupted transition of support and services for our new customers.”
With this strategic business alliance in place, Realm will continue its focus on developing products to improve the operational performance of key real estate business processes including Asset Valuation, Budgeting & Forecasting, Operations and Cash Flow, with particular emphasis on integration and data visibility.
About Realm Business Solutions
Realm Business Solutions, Inc. provides software and services that enable its customers to better manage the financial and operational performance of their real estate portfolios. More than 8,000 of the industry's leading owners, managers, financial institutions and REITs trust Realm solutions to improve the visibility and flow of information throughout their critical business processes. Realm is the developer of such industry standard products as ARGUS, BUDGET, CTI, DYNA, INSIGHT and LEASE. Visit Realm's website to learn more about these solutions, as well as reXML, the open source language for exchanging data between Realm and other applications: www.realm.com. |
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