Leading provider of lease accounting, administration and optimization software continues to make strategic investments to elevate its technology, services and team
Woodbridge, NJ – October 13, 2022 — Visual Lease, the #1 lease optimization software provider, today announced strong third quarter results, achieving sustained, double-digit growth in annual recurring revenue year over year and a record number of new customers acquired. Visual Lease is currently used by more than 1,000 public and private companies, as well as government entities, to become compliant with FASB, IFRS and GASB lease accounting standards, while simultaneously improving the financial, legal and operational performance of their leases.
“As companies set their strategies for 2023, many are laser-focused on finding ways to reduce risk, cut costs and improve internal controls,” said Visual Lease CEO, Robert Michlewicz. “We’re committed to being the solution provider that uniquely helps organizations accomplish those mission-critical goals through their lease accounting and administration processes while setting them up for long-term success.”
In Q3 2022, Visual Lease:
Software, Service & Growth
- Provided early access for select clients to a modernized user interface to validate the performance and usability enhancements made to its robust yet intuitive platform. The updated UI release will be available to all users later this month.
- Released Enhanced Fund Accounting functionality, providing VL users in the government sector 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.
- Earned additional 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 Awardsfor 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.
- Included in the Inc. 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.
- Announced Robert Michlewicz as CEO, and Marc Betesh, the founder and former CEO, as Executive Chairman – a transition in management structure that will further accelerate the organization’s growth.
- Appointed Amie Durr as Senior Vice President of Product, responsible for ensuring that Visual Lease continues to support organizations’ evolving business needs by strengthening their lease accounting and administration processes while expanding its integration capabilities.
- Unveiled its newest 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 the two largest markets that are moving to adopt the new accounting standards: 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.
- Received a Silver Stevie Award for Great Employers in the Employer of the Year in the Computer Software category.
- Named a Best Place to Work in NJ by NJBIZ for the third consecutive year and ranked amidst the top third of medium-sized companies (50 – 249 employees), moving up 15 positions in its ranking on the list, year-over-year.
- Achieved double-digit, year-over-year growth in Alliance-driven annual recurring revenue through key initiatives, including:
- Expanded Alliance Partner program by welcoming ERE and others to its network of partners.
- Further strengthened its existing relationship with Blue Sky to include a managed services agreement.
- Hosted thought leadership webinars with partners Grant Thornton and RSM US LLP.
- 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, data management, lease audit prep, portfolio reporting and analytics and more.
About Visual Lease
Visual Lease is the #1 lease optimization software provider. We help organizations become compliant with FASB, IFRS and GASB lease accounting standards, while simultaneously improving the financial, legal and operational performance of their leases. Our easy-to-use SaaS platform is embedded with more than three decades of best practices from major corporations and leading industry professionals. Our award-winning solutions are used by 1,000+ organizations to manage 500,000+ real estate, equipment and other leased assets. Committed to ongoing innovation and unparalleled customer service, Visual Lease helps organizations transform their lease compliance requirements into financial opportunities. For more information, visit visuallease.com.
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