IGM Technology, a provider of financial software to state and local governments, announced a strategic growth investment from Lead Edge Capital. IGM has experienced significant revenue growth since the adoption of its leading disclosure management, budgeting, and reporting software solutions.
This strategic funding represents the company’s first institutional capital raise, and it will help accelerate growth through investments in products and operations.
IGM’s cloud-based platform Gravity is utilized by governments and enterprises to comply with complex regulatory reporting and transparency requirements. And the company’s software dramatically reduces the operational burden of compiling budgets, Annual Comprehensive Financial Reports, financial reconciliations, and other financial reporting processes through native integrations and process automation.
The demand for IGM’s innovative financial reporting and budgeting software has significantly increased in recent years, leaving substantial room for continued market adoption.
Atlas Technology Group acted as an exclusive financial advisor to IGM Technology on the transaction. And Shea & Company served as exclusive financial advisor to Lead Edge Capital.
KEY QUOTES:
“IGM Technology is committed to helping our clients automate mission-critical financial reporting requirements through best of breed software technologies. At the core of Gravity is a complex multi-dimensional financial model, which enables our clients to instantaneously build automated financial reports and budget books that are of professional publisher quality and to comply with complex and evolving regulatory standards. Since founding the company several years ago, we have assembled a world class team and developed a market leading solution. With this investment from Lead Edge Capital we are excited to redouble our investments in team and product to support our rapidly growing base of customers.”
- IGM Technology’s Founder and CEO Isaac Gleicher
“IGM is addressing a critical and underserved market where thousands of government agencies and organizations with complex reporting requirements are currently using in-house or manual processes. IGM is the leading provider of software that automates the disclosure, budgeting and reconciliation processes and is exceptionally well-positioned to meet the needs of these organizations. We are excited to partner with Isaac and support the company as it accelerates product innovation and growth.”
- Dan Lynn, Partner at Lead Edge Capital
“Isaac and the IGM team have built an industry-leading product suite that fills a critical gap in the government technology market. The Gravity solution is truly unique, and the company’s impact will only grow stronger as financial reporting requirements become increasingly complex. I am excited to partner with IGM and assist in bringing the company’s innovative product to many more public sector organizations across North America.”
- Paul Colangelo, an experienced executive in government technology – who will be joining the IGM Technology Board of Directors as Non-Executive Chairman
