NEW YORK, NY and HAUPPAUGE, NY — MDS, a leading provider of accounting, property management, and compliance software for the New York real estate market, today announced a new investment from Stone Street Software. The investment is intended to strengthen MDS’s position in its core geography while expanding the products, integrations, and services available within the MDS ecosystem.
As part of the transaction, Stone Street Founder Jacob Cole will join MDS as CEO, working alongside the company’s existing leadership team. Adam Friedberg will transition to the newly created role of Chief Product Officer, focusing on product direction, strategic partnerships, and customer relationships. Steve Friedberg, who founded MDS in 1984, will formally retire while continuing as a meaningful shareholder and advisor to the business.
“New York is an amazing place to live, but it’s not an easy place to own, operate, or manage housing,” said Jacob Cole, CEO of MDS.
“MDS has carved out a strong niche in the market based on their deep understanding of the city’s regulatory and structural complexities. I look forward to working with the Friedberg family to grow our product capabilities, build toward an AI-enabled user experience, and help our customers provide outstanding resident experiences.”
“Since our founding, MDS has been centered around making our customers’ operations more seamless,” said Adam Friedberg, MDS Chief Product Officer.
“By partnering with Jacob and the investor group at Stone Street, we have greater access to the financial, human, and operating resources to accelerate our product roadmap and better serve our customers.”
As part of the investment, the Company has also announced appointments of new members of its Board of Directors alongside Cole and Friedberg:
– Dan Sullivan, former Principal at Vista Equity Partners and past board member at StarRez (student housing PMS)
– Sundar Kuppuswamy, Chief AI Officer at Datacor, previously Chief Data Scientist at Asurion
– Hiten Varia, former EVP at i2 Technologies (JDA Software / Blue Yonder), board member at software companies including Cleo, Omatic, and Riverside Insights
About MDS
MDS provides property management and compliance software purpose-built for the New York real estate market, helping owners and managers operate more efficiently within a single, integrated platform.
About Stone Street Software
Stone Street Software is an entrepreneurial investor and operator of industry-specific B2B software businesses. As a long-term investor, Stone Street supports companies in reinvesting in product and talent, supported by an investor network of over 30 B2B software executives.
