A Kent-based asset management software firm with more than 1,400 clients across a range of industries has been acquired.

MRI Software, a global leader in real estate software solutions, has purchased Real Asset Management (RAM) for an undisclosed fee.

RAM is a supplier of asset management software, including asset and lease accounting, tracking and maintenance management for the charity, commercial, defence, education and housing sectors, as well as the NHS, local government and central government.

MRI Software and RAM have had a close partnership for a number of years.

"There is an enormous amount of synergy between MRI and RAM, as evidenced by the success of our long-standing partnership,” RAM chairman George Snelgrove said.

“The RAM team will be joining a fantastic organisation with tremendous talent, insight and reach while bringing its own capabilities for serving any major industry that requires an asset or facilities management solution."

Asset-intensive businesses use RAM's software to automate traditionally manual and error-prone processes and ensure compliance with accounting, tax, and financial reporting requirements.

Using RAM's mobile and desktop facilities management solutions, businesses are also able to streamline processes, improve productivity and reduce property management costs.

Patrick Ghilani, chief executive of MRI Software, said: "Real estate organisations face the same challenges as other sectors around compliance and regulations related to asset management.

"By acquiring Real Asset Management, with whom we've enjoyed a close partnership for many years, we're able to leverage deep expertise and innovation in asset management and immediately deliver a comprehensive, integrated solution for our clients in the real estate sector, while expanding into new markets where we see a great deal of potential for further growth.

"This acquisition is also a key milestone in MRI's aggressive EMEA expansion strategy."