WOODBRIDGE, N.J., July 16, 2019 /PRNewswire/ -- Visual Lease, a cloud-based lease management and accounting software provider, received a growth investment from Spectrum Equity, a leading growth equity firm investing in the information economy. The investment will fuel Visual Lease's rapid expansion of sales, marketing, product development and engineering to meet the growth in customer demand and to support its market leadership position. A recent change in U.S. and international accounting standards regarding the treatment of lease obligations on corporate balance sheets (ASC 842 and IFRS 16) is catalyzing rapid adoption of Visual Lease's SaaS platform.
Visual Lease provides a comprehensive and sophisticated real estate and equipment lease management and accounting software platform for public and private companies, government entities and other organizations with 50 to 20,000+ leases. In addition to helping its customers generate financial disclosure reports and maintain regulatory compliance with the new lease accounting standards, Visual Lease helps organizations centralize the management of lease documents, streamline lease-related workflows and provide greater control over one of their largest corporate expenditures.
Over 600 customers, including banks, communications companies, construction companies, healthcare providers, manufacturers, universities, and others, use Visual Lease's SaaS platform to manage their real estate and equipment leases related to facilities, computers, fleets, cell towers, land and other assets. Visual Lease gives its customers confidence that their assets are properly controlled and that their disclosure reports are supported by accurate and reliable data. Many of the largest and most respected accounting firms, including Baker Tilly, Ernst & Young, Grant Thornton and RSM, trust Visual Lease to help their clients comply with ASC 842 and IFRS 16.
"Visual Lease embeds decades of deep lease management and financial accounting expertise in its software platform to support the financial, regulatory, legal, facilities and operational functions of its customers worldwide," said Marc Betesh, Founder and CEO of Visual Lease. "The Visual Lease team is excited to partner with Spectrum Equity for the next phase of growth, and we value Spectrum's deep industry expertise in compliance technology and scaling B2B SaaS businesses."
Notable new customers include Bacardi, Borg Warner, Disney, Drexel University, Hearst, Sherwin Williams, Sony and the World Bank.
"The Visual Lease team built a comprehensive and intuitive solution to address an important accounting compliance challenge for a diverse set of companies and lease portfolios," said Vic Parker, Managing Director of Spectrum Equity. "Historically, leases were managed manually or in Excel, driving up costs, producing errors and making compliance with the new accounting standards very challenging. We are pleased to support Visual Lease's rapid growth and accelerated product development and to reinforce the company's customer-centric approach that has allowed it to onboard hundreds of customers successfully and in a timely manner."
In conjunction with the investment, Vic Parker will join the board of directors alongside the company's existing investor, Growth Street Partners. Financial terms of the transaction were not disclosed.
About Visual Lease
Visual Lease provides lease accounting and lease administration solutions to help companies manage, analyze, and report on their leased asset portfolios, including real estate, equipment and more. The company's SaaS platform combines GAAP & IFRS-compliant lease accounting controls with sophisticated and flexible lease portfolio administration. Over 600 of the largest publicly-traded and privately-owned corporations, retailers, hospitals, and institutions around the globe rely on Visual Lease's cloud-based SaaS platform to meet operational and compliance requirements. Visual Lease has grown its team from 30 to over 130 in the past year and continues to hire across the company to meet customer demand. For more information, please visit www.visuallease.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub, Lucid Software, Lynda.com, SurveyMonkey, Verafin and World-Check. For more information, including a complete list of portfolio investments, please visit www.spectrumequity.com.
About Growth Street Partners
Growth Street Partners provides early growth capital to vertically-focused, rapidly growing SaaS and technology-enabled services companies located in underserved U.S. markets. The firm partners with founders who have personally lived through the problems their businesses solve. Existing investments include Pear Deck, ChildCareCRM, Visual Lease and Hotel Effectiveness. For more information, please visit www.growthstreetpartners.com.
SOURCE Visual Lease