Visual Lease, a provider of end-to-end lease accounting & management software, has landed a new investment.
The company has received a minority growth equity investment from Growth Street Partners, a San Francisco-based early growth capital firm.
Founded in 1995, Visual Lease’s integrated web platform combines GAAP & IFRS-compliant lease accounting controls with sophisticated and flexible lease portfolio administration. Its mission is to facilitate efficient management and exacting compliance regarding lease obligations through software and customer service.
“Growth Street is thrilled to partner with Visual Lease to accelerate the company’s growth. Born from Marc’s (CEO) deep domain knowledge, the company developed industry-leading software that customers and auditors love,” said Stephen Wolfe, co-founder of Growth Street.
The VC will work alongside the existing team to help scale sales, marketing, and customer success according to Nathan Grossman, co-founder of Growth Street.
Certified by all major global accounting firms, Visual Lease claims to be the ‘fast & reliable path’ to FASB ASC 842 and IFRS 16 lease accounting compliance. Its cloud-based lease accounting software is suitable for a variety of industries, including financial services, energy, retail, health care, manufacturing/logistics, technology & more. Itintegrates with more than 50 GL/ERP platforms, including multiple GLs across different regions or business units.
Visual Lease also claims to help its users ‘quickly get ready’ to comply with FASB ASC 842 while maintaining compliance with the FASB ASC 840. It also provides an ASB IFRS 16 Module, which helps the users meet their compliance target while maintaining compliance with the current standard. The module migrates data in native languages, multiple currencies, and from different repositories. It also allows users to streamline lease abstraction, especially for complex property leases. Classify leases, perform required calculations and send journal entries to multiple GL systems. Generate disclosures and real-time Excel reports.
Last year, Growth Street Partners closed its debut fund on $70m. The fund invests $3-10m in founders who lead $1-5m annual run-rate revenue companies.
AxiomSL, a provider of regulatory reporting and risk management solutions, has recently launched a new solution to address IFRS 17 requirements. The solution claims to provide automation with strong data management, reconciliation, flexibility and traceability capabilities whilst reducing the Total Cost of Ownership (TCO) and operational risks as well as ensuring quick time to market.
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