The £207m sale of Capita plc’s software business to US PropTech MRI Software has been cleared by the competitions regulator.
The Competition and Markets Authority has completed its Phase 1 investigation into the swoop for Capita One, which was completed in September 2024.
London-headquartered outsourcing giant Capita plc said the deal represents a 10x multiple on the 2023 EBITDA for Capita One of £21m.
The acquisition increases the UK public sector client base of MRI Software, a global leader in real estate solutions and services. It says this will help the UK public sector to meet compliance requirements and regulatory change.
Capita One’s solutions for education, tax calculation and collection, benefits administration and housing align well with MRI’s solutions for social housing management and local government, with the shared aim to simplify compliance, property management, accounting, operations and resident services.
“We believe technology innovation plays a key role in creating safe, thriving communities, and we look forward to helping local authorities and social housing providers drive efficiencies and reduce complexity through combined offerings from MRI and Capita One,” said Patrick Ghilani, CEO of MRI Software, at the time the deal completed.
“Our open and connected approach to software strives to equip clients with flexible solutions that evolve as requirements change.”
Jon Peart, managing director, Capita One, added: “This acquisition presents an opportunity for Capita One clients to benefit from MRI’s successful track record of supporting the public sector.
“We are excited about the opportunity this will present to Capita One clients as part of the MRI family.”
MRI said it will continue to serve Capita One clients without interruption.