SANTA BARBARA, CA, June 23, 2006 — Yardi Systems, Inc. is pleased to announce the signing of an agreement to acquire CLASSIC Real Estate Systems, LLC, effective July 1, 2006. CLASSIC Real Estate Systems is the premier software provider to the Affordable Housing Industry, focusing on solutions for Tax Credit, HUD and Rural Development Properties for over 13 years.
“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,” Kessler continues, “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.”
CLASSIC also has a corporate culture that is very similar to Yardi in many ways. Their 30-plus employees are known for their integrity and ethics, and have had an important impact in our marketplace, earning a great reputation throughout our industry. “They are a talented, dedicated and hard-working group with the same ‘roll up your sleeves’ attitude that we value at Yardi,” says Gordon Morrell, Executive Vice President and Chief Operating Officer of Yardi Systems.
Further, Morrell adds, “CLASSIC is the industry leader in compliance software for the USDA Rural Development program. The CLASSIC addition will help to advance Yardi’s Voyager™ solution for Rural Development. At the same time, we will continue to offer the CLASSIC RD solution for Windows users.”
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 integrated, browser-based software suite.
Headquartered in Santa Barbara, California, Yardi Systems 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