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This Research Note examines a report from Reuters that MRI Software is to be listed in an IPO or sold. We explore the development of the business over the last 10 years, since it was acquired by private equity owners, highlight their software acquisitions for commercial real estate applications addressing integrated workplace management, tenant experience and digital building operations, before speculating on possible strategic buyers.  Transaction Details Reuters reported on 26th September 2025 that the private equity owners of real estate software provider MRI Software are exploring options for the company, including a potential sale or a public listing on a US exchange, according to people familiar with the matter. Any deal for MRI Software, which could happen within the next 12 months, is expected to value the software maker at up to $10 billion, including debt, the sources said. MRI is approaching $1 billion in revenue and generating around $400M in EBITDA. The company […]

This Research Note examines Smartvatten, a Finnish specialist in water efficiency technology and expertise in Northern Europe. It updates our previous article in March 2024, covering Smartvatten’s solutions, key developments in 2024, sustainability partnerships and the September 2025 acquisition of LeakLook, a Finnish specialist in IoT-driven water monitoring for real estate. Smartvatten Profile Established in 2013 in Espoo, Finland, Smartvatten, formerly known as Envera, provides subscription-based remote water consumption monitoring solutions to institutional real estate investors, housing companies and public entities. In total, more than 37,000 buildings are being monitored across 35 countries. The company’s offering is based on a software analytics platform complemented by Smartvatten’s proprietary hardware, providing access to real-time water consumption data for monitoring, reporting, and algorithm-driven analysis to detect leakages.  In February 2021, Norvestor, a leading private equity firm focusing on mid-market buyouts in the Nordic region, acquired a 60% majority stake in Smartvatten. Key Developments in 2024 Growing presence in […]

Nearly 10 years after the merger between Johnson Controls and Tyco in 2016, the $16.5 billion deal stands as one of the most significant consolidation moves in the building technologies sector. Today, with the benefit of hindsight and financial data, we can evaluate whether this mega-merger achieved its ambitious objectives. The 2016 merger created a building technologies powerhouse, combining Johnson Controls’ HVAC and automotive expertise with Tyco’s fire and security portfolio. The deal was structured as a reverse Morris Trust transaction, allowing Johnson Controls shareholders to own approximately 56% of the combined entity while Tyco shareholders held 44%. The merged company was strategically domiciled in Ireland for tax efficiency purposes. At the time, the merger promised to create the world’s largest pure-play building products and services company, with projected annual revenues of $32 billion and a comprehensive portfolio spanning HVAC, fire safety, security systems, and building automation. Financial Performance: A Mixed Scorecard In 2014, Tyco […]