Yardi Acquires Multifamily Insurance Group

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SANTA BARBARA, CALIF., Aug. 16, 2011 – Yardi announced today that it has acquired Multifamily Insurance Group (MIG), allowing the company to provide ResidentShield renters insurance products to its clients.

Yardi will now offer insurance coverage through ResidentShield for personal liability, personal property and living expenses for losses caused by fire, theft and other unexpected events.

“Our goal is to provide our clients with a full-business solution — including dynamic rental pricing, online resident services, utility billing and resident screening — using a single platform. That integrated offering now includes the reduced insurance risk for property owners and the peace of mind for renters that ResidentShield makes possible,” said Gordon Morrell, executive vice president and chief operating officer for Yardi.

MIG principals Trip Stanford and Mike Composono have joined Yardi’s newly formed insurance division.

“The acquisition combines two organizations whose focus is on providing the best possible experience for our clients and their residents. We believe our ResidentShield renters insurance platform is the most ‘user friendly’ system in the marketplace and that Yardi’s wide range of integrated solutions will enhance it,” said Stanford.

“Joining Yardi will enable us to offer our clients a fully integrated insurance solution, allowing users to easily manage the process from enrollment to compliance,” said Composono.

About Multifamily Insurance Group

Dallas-based Multifamily Insurance Group has developed affordable and comprehensive renters and liability insurance products for apartment residents via its innovative insurance program, ResidentShield. The company was founded by multi-housing professionals with backgrounds in apartment development, property management, tenant screening, insurance and commercial real estate finance. For more information, visit www.multifamilyinsurancegroup.com/index.php/company.

About Yardi

Yardi Systems has been committed to the design, development and support of real estate investment management and property management software for nearly 30 years. With its Yardi Multifamily Suite™, Yardi Commercial Suite™ and Yardi Investment Suite™, the Yardi Voyager™ system is the most comprehensive single real estate management platform on the market today. Yardi serves clients around the world from offices in Asia, Australia, Europe and North America. More information about Yardi products and services is available at www.yardi.com.

Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255

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