Visual Lease, a Woodbridge, NJ-based cloud lease management and accounting software provider, received a growth investment from Spectrum Equity.
The amount of the deal was not disclosed.
In conjunction with the investment, Vic Parker, Managing Director of Spectrum Equity, will join the board of directors alongside the company’s existing investor, Growth Street Partners.
The company intends to use the funds to accelerate its sales, marketing, product development and engineering efforts.
Led by Marc Betesh, Founder and CEO, Visual Lease provides a SaaS comprehensive 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 allowing its customers to generate financial disclosure reports and maintain regulatory compliance with the new lease accounting standards, Visual Lease enables organizations to 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 the SaaS platform to manage their real estate and equipment leases related to facilities, computers, fleets, cell towers, land and other assets.
Accounting firms such as Baker Tilly, Ernst & Young, Grant Thornton and RSM, use Visual Lease to help their clients comply with ASC 842 and IFRS 16.
Customers also include Bacardi, Borg Warner, Disney, Drexel University, Hearst, Sherwin Williams, Sony and the World Bank.