Cleveland or else, acquired Bedford firm's employees told



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Bostonpost Technologies, a Bedford firm that makes software for companies that manage affordable housing, will be shutting its doors in New Hampshire on March 23, resulting in most employees having to look for other work.MRI Software LLC bought Bostonpost from its founder, Stuart Steele, in October for an undisclosed amount, and offered all of Bostonpost's employees (68 at the time of the sale, according to Steele) a chance to relocate to MRI's Cleveland headquarters. A little more than a handful were told they would be allowed to stay and work remotely from their homes. Others who stayed until the office shut down were offered severance packages, said MRI's chief financial officer, David Post.While the numbers aren't in yet, it appears that most employees (somewhat fewer than 50) have chosen to stay in New Hampshire, Post said.Post said MRI -- which also makes software for housing management companies -- bought Bostonpost because "its product is market-leading. It was the best company in the affordable housing industry."But in order to fully integrate the companies and offer "huge benefits" to customers, it did not make sense to keep separate locations, he said."It tends to be disruptive when you have a duplicative footprint," he said. "But we wanted to keep the employees and minimize the disruption to them. We did offer various incentives for them to come here. It was a hard decision. We are very cognizant of the impact."Steele would not comment on why he sold the company. Bostonpost chief operating officer Mike Desmond -- in a release issued at the time of the sale -- said, "Becoming part of MRI Software is the right next stage in the evolution of Bostonpost. Bostonpost clients will benefit from MRI's investments and experience in professional services and client support, as well as its high-touch approach to account management."Several employees declined comment, saying they could not discuss the matter without jeopardizing their pension, but Jane Exner, the CFO who left after September, was not bound by that agreement.Exner has worked for Steele, who manages a number of companies, for several decades, and she still works for him."It was a great company that treated the staff and customers well," Exner said. "We worked hard to make great products and we succeeded."According to the company's website, Bostonpost was founded in 1996 when two programmers working for the owner of Eastpoint Properties needed better software to manage some 45 mixed-subsidy properties. It took some seven years before Bostonpost Property Manager became commercially available.In December, about two months after acquiring Bostonpost, MRI acquired another competitor, DataTrust Corp., the Arizona holding company for VaultWare, a software maker that helps property managers reach and communicate with apartment hunters online, pre-qualify prospects and convert applicants into tenants. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW Edit ModuleShow Tags