Ohio-based software company MRI Software is bidding on the MLS, just days before it could be sold to another buyer.
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The pending sale of a major MLS property in Colorado got more complicated this week when another buyer unexpectedly made what it called a “very competitive” takeover offer.
The offer comes from MRI Software, the parent company of Ohio-based contract software provider CTM Contracts, to acquire REColorado. The Multiple Listing Service describes itself as the 16th largest MLS in the United States. And become the focus of people’s attention.
The proposed sale met with significant resistance, and amid the controversy DMAR and SMDRA ultimately ousted the MLS board of directors, at least one of whom had publicly criticized the deal.
John Ensign, president and managing director of MRI Software North America, said in a statement Thursday that his company stepped up its offer “after learning of possible public reports about REColorado.”
“After years of integrating and working with REColorado, we know REColorado is a valuable asset to the Colorado real estate industry,” Ensign continued. “The goal of the proposed acquisition is to secure REColorado’s future while supporting and improving its MLS and contracting platforms.”
The statement further explained that details of MRI Software’s offer are confidential, but Ensign added, “We believe it will be very competitive.” It also asked DMAR and SMDRA to consider it when they vote on the previously announced deal later this month. The proposal.
The previously announced deal was shrouded in controversy from the moment it hit the headlines. Part of the reason is that a group of industry members, including Shelly Vincent, now the former vice chairman of REColorado, had previously attempted to acquire MLS. Vincent told Inman in June that her team was caught off guard by the news that DMAR and SMDRA planned to sell it to others.
Information about potential buyers was also initially scant. Eventually, REColorado’s owners revealed that the buyer was Colorado State President Joseph E. Burks and his stake in his newly formed company, MAZL, although questions remain about Burks and the sale.
Inman also continues to receive unsolicited comments from REColorado users, all of which are critical of the proposed sale to MAZL. As recently as Thursday, for example, Guide Real Estate founder Bret Weinstein said “the whole thing feels like a joke” and “exposes the dark side of selling an MLS to a private company.”
Whether the new MRI software product has a chance of gaining popularity remains to be seen, but Inman has reached out to DMAR and SMDRA for comment and will update this story with any response received.
Read the full MRI software statement here:
Email Jim Dalrymple II