Yardi Systems announces two new deals; named 'Best Tech Provider'

Real Estate Weekly,  August 22, 2007  

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Yardi Systems, a global leader in asset and property management software--which was recently named "Best Technology Provider by Multi-Housing News readers for the fourth year in a row--has announced two major new assignments.

Bank of Ireland Private Banking Limited, a rapidly growing company within the Bank of Ireland Group, has selected Yardi Voyager [TM] to manage their property management systems.

In a deal that promises significant efficiency improvements, Private Banking's private equity customers can look forward to more value-added services across its portfolio.

Following an intense period of acquisition in commercial and residential property, Private Banking is now set to improve the strategic management of its portfolio. Emma Costello, Property Financial Controller, Private Banking said; "We manage a complex property portfolio with a mix of direct and indirectly managed assets across a wide territory. The majority of our assets are currently in Europe, but as we improve our efficiencies, we plan to expand further into North America. We selected Yardi, following an extensive due diligence, on the strength of its reputation and experience in global and residential property management systems."

Bank of Ireland Private Banking took a scientific approach to the selection of its asset and property management solution, assessing a number of suppliers and, after extensive testing and analysis, found Yardi to have the highest average weighting.

In addition, Costello said, "Yardi has a great client base and displays an entrepreneurial spirit. Our impression is that their systems have been developed by listening to its clients needs."

The project will go live in this month in the Netherlands, and will be followed with the UK, France and Belgium. The implementation of Yardi Voyager International, which is being assisted by specialist real estate consulting company Real-Foundations, will replace the current manual system of data collation from external management firms Costello said: "We are looking forward to efficiency improvements in the range of 20-30% in the first year and more significant improvements in the second year."

Yardi Systems also announced that Sobrato Development Companies, a premier developer and owner in Cupertino, CA, has selected Yardi Voyager [TM] and Investment Management [TM] to manage its mixed portfolio in the Western United States.

Sobrato is a leading developer and owner of innovative properties that meet the needs of some of the foremost companies in the Silicon Valley. Sobrato also owns a growing portfolio of multifamily apartments on the West Coast. With such a diverse portfolio and active development and construction operations to support, Sobrato management conducted a thorough comparison of available asset and property management systems to meet their needs.

"We knew we needed a mature, well-integrated product to accommodate all aspects of our projects from the ground up," said Mike Phillips, chief financial officer, Sobroto Development Companies. "The functionality of Voyager fit perfectly with the way we do business," Phillips continued. "The ASP (hosting) solution also complements our business model, and combined with a mature, stable product, represented a great value for our company."

The addition of Yardi Investment Management to the Voyager/ASP suite "was icing on the cake" explained Phillips. "Yardi Investment Management is an important tool that will enable robust financial reporting within our complex organizational structure."

Yardi Systems is thrilled to include Sobrato Development Companies into its growing list of developers/ managers using Yardi Voyager with the Investment Management solution.

Alan James, director of Global Strategic Accounts for Yardi Systems said: "We believe it is a testament to the breadth of Yardi's solutions that Sobrato chose Yardi Systems as their portfolio management system. It is further confirmation that developers and managers are focused on business transparency in operational and investor performance to instill stakeholder confidence."

With the assistance of Real Foundations, a full-service consultancy firm, to manage the implementation process, Sobroto Development plans to go live in the first quarter of 2008. The implementation of Yardi Voyager with ASP and Investment Management will replace a legacy system which Sobrato has been using for many years, and will provide a centralized, fully-integrated Investment Management system.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning