SANTA BARBARA, CA, July 18, 2006 — Yardi Systems is pleased to announce the acquisition of CLASSIC Real Estate Systems, LLC, a leading software provider for the affordable housing Industry focused on providing solutions for Tax Credit, HUD, and Rural Development properties.
CLASSIC’S Windows-based solution is perfect for organizations with self-hosting, simple network or standalone computing, and expands Yardi’s product offering with a more cost-effective affordable housing option for smaller portfolio owners and managers. It will compliment well the Web-based Yardi Voyager™ Affordable product, which has been the premier affordable and tax credit housing software in the industry for medium to large companies. Plans to integrate Yardi’s accounting engine into the CLASSIC suite of products are in process and completion is expected in the next few months. CLASSIC personnel will continue to work from the office in Atlanta, GA, but with a newly enhanced national focus backed by a more robust product offering.
“We are excited about the market opportunity this acquisition offers us,” says Terri Dowen, Senior Vice President, Yardi Systems. “CLASSIC has maintained a very strong presence in the Southeast and Central Southern regions of the United States. “We are thrilled at the prospect of expanding their market on a national level to include New York and other densely populated affordable housing areas,” Dowen continues.
With this acquisition, and an enhanced Windows-based product offering for affordable housing solutions, Yardi Systems continues to strengthen its market position as the leader in asset and property management software. “With over 800 customers, CLASSIC Real Estate Systems is a great addition to Yardi’s own offerings in the affordable housing marketplace,” says David Kessler, General Manager of Affordable Housing for Yardi Systems. “As a well-respected vendor in the Section 8, Tax Credit and Rural Development arenas, with very solid product offerings for desktop users, CLASSIC’s programming and support teams are experienced in dealing with the ever-changing compliance landscape. Combining the two teams will lead to a strong development and support presence along both coasts and will result in several economies of scale when dealing with compliance oversight agencies.”
Yardi Systems, Inc. is the global leader in the design, development, and support of integrated Asset and Property Management software for organizations of all sizes. For more than 22 years, our technology and services have led the industry through responsiveness and innovation, becoming the premier application for real estate software solutions worldwide. Our software is client-driven and serves more than 15,000 businesses, corporations, and government agencies, representing more than 5 billion square feet of commercial space and 5 million residential units globally.
Headquartered in Santa Barbara, California, Yardi Systems is a privately held corporation with offices throughout the United States, Canada, Europe, Asia, and Australia. More information about Yardi products and services may be found by visiting www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255