Company achieves its fifth consecutive year of double-digit annual recurring revenue and customer growth
Woodbridge, NJ – January 19, 2023 — Visual Lease, the #1 lease optimization software provider, today announced its results from 2022, reporting double-digit annual recurring revenue and customer percentage growth for five consecutive years. The organization now empowers more than 1,000 companies worldwide to sustain compliance with FASB, IFRS and GASB lease accounting standards, while simultaneously improving the financial and operational performance of their leases.
“In 2022, we expanded our mission to help businesses leverage their lease portfolios as strategic assets,” said Visual Lease’s CEO, Robert Michlewicz. “By investing in key areas of our product and team, we further enhanced our solutions and services to best support companies during the next leg of their leasing journey. In partnering with Visual Lease, companies across all industries have the ability to easily sustain lease accounting compliance while establishing key controls to leverage their lease data in making strategic business decisions.”
“In today’s economic environment, it is critical companies tap into the power of strong lease management and accounting solutions to remain agile,” said Visual Lease’s CPO, Amie Durr. “This can only be achieved when they partner with a solution provider that truly understands the different needs of all the teams that interact with lease data – Real Estate, Finance, Accounts Payable, Legal, Procurement, etc. – something that only Visual Lease is built to facilitate.”
Visual Lease’s key accomplishments from 2022 include:
Software & Service:
- Introduced variable period calendars, including 4-4-5, 4-5-4, 5-4-4, 13-period and daily period calculations to better support organizations in retail and other sectors with lease accounting, controls and reporting under ASC 842 and IFRS 16.
- Released enhanced Fund Accounting functionality, providing Visual Lease users in the government sector with the ability to easily track and record lease transactions on a modified accrual basis for fund accounting and a full accrual basis for government-wide reporting.
- Provided an updated user interface to its robust yet intuitive platform.
- Named a winner of a Bronze Stevie® Award in the Customer Service Department of the Year category in The 20th Annual American Business Awards.
- Earned industry recognition as the leading provider of lease administration and lease accounting software:
- Received a 2022 PropTech Breakthrough Award for Overall Lease Management Company of the Year.
- Named a finalist of The 2022 SaaS Awards for the Best SaaS Product for Business Accounting or Finance.
- Maintained its position as a Leader in both the Lease Administration and Lease Accounting categories on G2 throughout 2022.
Growth:
- Hosted its first in-person Customer Advisory Board Summit, a two-day event, where customers gathered to discuss the future of lease accounting, administration and optimization and how Visual Lease is uniquely supporting this evolution. During the event, the company announced the winners of its annual Visual Lease Customer Excellence Awards: American Axle & Manufacturing, CURO Financial, Hearst Communications, Huntington National Bank, Indeed, MDU Construction and Penn State Health.
- Included in the 5000 list of fastest-growing private companies in America for the third consecutive year, named among the top 100 fastest-growing private companies in New Jersey and the 259th fastest-growing private company in the New York City area.
- Established an AWS data center in Frankfurt, Germany, enabling EU-based clients to benefit from stronger performance, newer services and features, as well as automatic compliance with residency and regulatory laws regarding their data.
Strategic Hires:
- Announced Fin-Tech leadership veteran Robert Michlewicz as CEO, and Marc Betesh, the founder and former CEO, as Executive Chairman – a transition in management structure that has further accelerated the organization’s growth.
- Announced Alex Betesh as its first Chief Customer Officer, focused on accelerating and deepening Visual Lease’s ability to translate customer feedback into meaningful enhancements to its products, services and strategic alliances.
- Promoted Amie Durr to the company’s first Chief Product Officer position, responsible for overseeing the organization’s Product and Engineering teams to ensure continued product innovation with even greater speed to market.
- Welcomed Dan VanVeelen as its Chief Revenue Officer, responsible for executing corporate strategic plans that drive continued, accelerated growth and market-leading client satisfaction.
- Expanded its Sales, Customer Services, Product and Engineering teams in kind with its growing base of customers to ensure that the company continues to drive innovation and provide a customer experience second to none in the category.
Brand Recognition:
- Named a Best Place to Work in New Jersey by NJBIZ for the third consecutive year and ranked among the top third of medium-sized companies (50 – 249 employees), moving up 15 positions in its ranking on the list, year-over-year.
- Received a Silver Stevie Award for Great Employers in the Employer of the Year in the Computer Software category.
- Unveiled a new report from The Visual Lease Data Institute, The 2022 Lease Market Analysis: Lease Accounting Readiness, which explores common lease accounting challenges and roadblocks experienced by private companies and government entities. Findings from the research have been featured in Wall Street Journal’s CFO Journal newsletter, CPA Practice Advisor, Globe St., Accounting Today and more.
Alliance Partners:
- Launched the Visual Lease Partner Marketplace, a section of its corporate website dedicated to connecting current and potential customers with its trusted network of Alliance Partners for access to top-tier support, including assistance with lease abstraction, consulting, data management, lease audit prep, portfolio reporting and analytics and more.
- Announced its Premium Implementation Partner program to help companies master their lease administration and accounting software implementation by providing access to leading accounting and advisory firms when implementing Visual Lease’s solutions.
- Further expanded its Alliance Partner program with premium accounting firms and services companies including Barre & Company LLC, Blue Sky Capital Strategies, LLC, Brady Ware & Company, Embark With Us, ERE, F.H. Black & Company, Vaco and Withum.
- Co-presented ASC 842 educational webinar sessions with Grant Thornton: ASC 842 Adoption: Avoiding the Pitfalls and How to Prepare for ASC 842 Adoption.
To keep up with announcements from Visual Lease, visit the Visual Lease Newsroom
About Visual Lease
Visual Lease, the #1 lease optimization software provider, empowers organizations to leverage their lease portfolio as a strategic asset. Our platform is uniquely designed to meet the needs of every team that interacts with a company’s lease portfolio to reduce risk, drive confident and sustained lease accounting compliance and provide the visibility required to make agile business decisions. Informed by nearly three decades of experience, our solutions help companies easily sustain compliance with FASB, IFRS and GASB lease accounting standards and implement proper lease controls to improve the financial, legal and operational performance of their leases. Our award-winning software is used by 1,000+ organizations to manage 500,000+ real estate, equipment and other leased assets globally. For more information, visit visuallease.com.
Media Contacts
Erica Bonavitacola
Visual Lease
T+1 732 770 2270
ebonavitacola@visuallease.com
