- Lease accounting software company LeaseQuery announced it raised $40 million from Goldman Sachs’ Merchant Banking Division
LeaseQuery — one of the biggest providers of purpose-built lease accounting software — announced that Goldman Sachs’ Merchant Banking Division has invested $40 million in the company as part of its Series A funding.
Over 10,000 accountants across public, private, nonprofit and government organizations utilize the LeaseQuery platform to solve one of the biggest challenges in the industry: complying with the new lease accounting standards from FASB, IASB, and GASB. So far, just 5% of private companies have completed their transition, according to a recent LeaseQuery survey.
LeaseQuery is on track for another record year of growth in 2019 after it achieved 708% year-over-year revenue growth last year. The company also opened a new office in Birmingham, Alabama. And LeaseQuery also announced that its client base has grown from 500 companies at the end of 2018 to nearly 1,000 today.
“We founded LeaseQuery to solve a singular problem. The new lease accounting standards are incredibly complex, and accountants needed purpose-built software to comply and unlock insight about their leasing strategy,” said LeaseQuery CEO George Azih. “We’re thrilled to have Goldman Sachs’ investment as we continue to grow and expand our offerings to support accountants.”
These new lease accounting rules are adding trillions to the balance sheets of companies across every industry. And the challenges of implementing the rules mean that getting it right is an imperative both for accountants and businesses. Plus it is necessary for continued confidence in the capital markets.
“With nearly 1,000 customers, LeaseQuery is the leader in the lease accounting market,” added John Giannuzzi, Vice President of the Merchant Banking Division at Goldman Sachs. “LeaseQuery is a tested, dedicated lease accounting solution built by accountants, and the company’s combination of customer insight, differentiated technology and accelerated growth is unique and exciting.”
Along with its software solution LeaseQuery also provides specialized consulting services. With these consulting services, LeaseQuery enables companies across all sectors to ensure compliance with the most comprehensive regulatory reform in 40 years.
“LeaseQuery has found a way to deliver easy-to-use solutions to their clients’ complex problems,” explained Stephanie Cohen, chief strategy officer at Goldman Sachs — who founded Launch With GS. “George and his team are a prime example of an executive team that is succeeding by bringing innovation to space that is in need of disruption.”
