A deal for a listed software and managed services provider to be acquired in a move which values it at more than £80 million has been completed.
Castleton Technology, which is headquartered in Sutton Coldfield, has been snapped up by London-based real estate software company MRI Software.
The completion comes after Castleton Technology recommended the offer to its shareholders in April 2020.
Castleton Technology also has bases in Southampton, Oxford, Milton Keynes, Hull, Newport and Sydney, Australia.
Chief executive Dean Dickinson said: “Joining the MRI family is a great opportunity for Castleton and our clients, providing us with the breadth and global expertise to move to the next stage in our growth and evolution.
“MRI will build on Castleton’s capabilities and we’ll be able to leverage our combined resources to continue addressing the varying needs of the social housing sector in the regions we serve.”
MRI Software’s chief executive, Patrick Ghilani, added: “The acquisition of Castleton is an important step in our drive to deliver greater scale and broaden our offering in the UK housing sector.
“The combination of Castleton and Orchard also extends our comprehensive residential market proposition, MRI Living, and brings together invaluable industry experience and expertise to drive further innovation and accelerate the delivery of new advancements to social/affordable housing operators and residential property managers in multiple regions across the globe.”
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