LeaseAccelator, a software provider that specializes in helping companies get ready for the lease accounting standard, has raised $30 million in Series B funding from Insight Venture Partners.
Peter Sobiloff, a managing director at New York-based Insight Venture Partners, will join LeaseAccelerator’s board and Jon Rosenbaum, a senior associate at the VC firm, will be a board observer.
The new financing will help fund the Reston, Virginia-based company's product roadmap, partnerships and international expansion.
LeaseAccelerator is seeing increased demand for software to help companies make the transition to the new lease accounting standard, which takes effect for public companies at the end of this year, and for private companies in 2020.
The average Fortune 500 company has between 1,000 and 10,000 leases representing a dollar value of between $100 million and $1 billion, according to LeaseAccelerator.
LeaseAccelerator said it tripled its revenues over the past year and quadrupled its customer base, the company will use the new funding to accelerate its growth strategy. It plans to expand its international operations to support multinational customers, as well as invest in expanded training, technical support and success programs for customers. LeaseAccelerator also intends to expand its R&D group to support industry-specific use cases.
“The biggest challenge in the Enterprise Lease Accounting software market in 2018 is a lack of capacity,” said LeaseAccelerator CEO Michael Keeler in a statement. “There is explosive demand for technology to transition to the new lease accounting standards, but most software providers are capital constrained. With the new funding from Insight Venture Partners, we will be able to aggressively invest in product development, testing, training and implementation support resources to meet the rapidly evolving needs of our customers.”
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