SANTA BARBARA, CA, April 7, 2006 — Yardi Systems, Inc. is pleased to announce the acquisition of rCash, Inc. (www.rcash.com), formerly a division of Realm Business Solutions, Inc.
rCash is an accounts receivable and accounts payable software provider and business processing outsourcer focusing on the real estate industry. The company’s state-of-the-art processing center provides fast, accurate conversion of paper invoices and rent payments into electronic transactions for real-time data management. It also supports the two-way integration of information with leading property management accounting systems for automatic, cost-effective processing.
The suite of services offered by rCash includes “COLLECT” and “PAY,” the real estate industry’s premier solutions for outsourced payables and receivables management. Together, COLLECT and PAY currently process over $5B in cash management transactions for some of the most recognized names in the global multifamily, office, retail and industrial real estate markets.
Yardi Systems established a strategic alliance with rCash in 2003, the same time they acquired Newstar and BJ Murray, also former divisions of Realm Business Solutions. About half the new Yardi employees are located at Yardi’s Glen Head, NY office, and the other half are located in Dallas, TX. “We are very excited about the growth and competitive advantage this acquisition lends, and look forward to a smooth transition and continued growth for the company,” says Gordon Morrell, Executive Vice President and Chief Operating Officer for Yardi.
Yardi Systems, Inc. is the global leader in the design, development and support of integrated asset and property management software for the real estate industry. For over 22 years our technology and innovation have led the industry, providing the premier software solution for commercial, residential and real estate investment markets worldwide. Our client-driven products are designed to streamline business processes by integrating property and investment management, financial reporting and a centralized database into one fully browser-based software suite.
Headquartered in Santa Barbara, California, Yardi is a privately held corporation with offices throughout the United States, Canada, Europe and Asia-Pacific. 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