Trimble (TRMB) to Divest its Manhattan Real Estate and Workplace Solutions to MRI Software

February 17, 2021 9:04 AM EST

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Trimble (NASDAQ: TRMB) announced today that it has entered into a definitive agreement to sell its Manhattan real estate and workplace solutions business, to MRI Software (MRI). The divestiture is in line with Trimble's strategy to focus on business areas core to its long-term growth and strategic product roadmap. MRI is a leader in real estate software solutions. The transaction is subject to a number of closing conditions and is expected to close in the first half of 2021. Financial terms were not disclosed.

"As we work on the execution of Trimble's Connect and Scale 2025 strategy, we are continually evaluating our portfolio of businesses," said Rob Painter, president and CEO of Trimble. "Trimble is refocusing its efforts on the company's core Connected Construction capabilities, making MRI an ideal fit for the real estate and workplace solutions business."

The Manhattan Integrated Workplace Management System (IWMS) solutions help real estate occupiers simplify the complexities of managing their diverse portfolio by providing an integrated, flexible platform that improves real estate performance, space utilization and employee experience, while reducing costs and ensuring financial compliance. As a result of the divestiture, the Manhattan IWMS solutions will be combined with MRI's pioneering offerings in managing real estate portfolios and businesses.

MRI's comprehensive and flexible technology platform coupled with an open and connected ecosystem provides unique expertise and insights to real estate businesses, providing a full scope of solutions for owners, operators and occupiers worldwide.

"We are excited to welcome Manhattan to MRI," said Patrick Ghilani, chief executive officer of MRI Software. "This acquisition aligns with MRI's growth strategy to expand our offerings for the global workplace management market and uniquely positions us to provide a 360-degree view of the workplace for real estate owners, operators and occupiers."

The Manhattan software business has been reported as part of Trimble's Buildings and Infrastructure segment. The sale will not have a material impact on Trimble's segment or overall financial results.

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