Audit and accounting data solutions provider
Cloud-based LeaseJava is designed to help audit firms, corporations and non-profit/government entities to manage their leases and ensure compliance with accounting standards such as ASC 842, IFRS 16 and GASB 87. Specifically, it supports lease modifications without the need to create a new lease, as modifications can easily be added to existing leases. The solution is made to handle complex and nuanced scenarios, computing details down to the daily level and aggregating them to manage intricate situations. Export functionality is configurable, allowing the user to select and group leases accurately. Additionally, LeaseJava offers weighted average computation and a bulk import feature to enhance ease of use.
A spokesperson with Caseware said current customers of LeaseJava will still be able to use the software they've been using. Meanwhile, Caseware customers will be able to purchase it in the coming months. Caseware is in the process of evaluating continued application of the LeaseJava branding relative to future product plans.
This acquisition is an example of Caseware's continued commitment to investing in solutions that will improve the accountant's experience while providing integrated workflow management and analytics, according to the spokesperson.
"This acquisition underscores Caseware's commitment to enhancing its connected ecosystem, artificial intelligence strategy and the provision of an even more comprehensive suite of trusted, innovative solutions. Customers can look forward to a seamless experience and the continued evolution of the Caseware family of products, enabling them to effortlessly manage their workflows and do their jobs better than ever before," said David Osborne, Caseware CEO.
LeaseJava is headed by Michael Cheng, who is also a partner at Frazier and Deeter LLC. Prior to that, he worked directly with the FASB as a senior project manager. He is also a current member of the FASB's Private Company Council, one year into his three-year term.
"I co-developed LeaseJava to solve the issues I was experiencing with lease computations along with Venkat Avasarala, Partner and CEO of Acuvity Consulting. He played a key role in its development, providing strategic leadership and expertise that were instrumental in shaping the platform's growth and success," said Cheng. "The acquisition by Caseware marks a significant milestone for both the solution and the profession. I am confident that the Caseware team, renowned for its innovation and commitment to excellence, will enhance the capabilities of LeaseJava, providing even greater value to users. Caseware's global footprint and unparalleled ability to deliver expertly crafted technology and domain expertise worldwide, underscores their position as an industry leader."
Caseware's US customers will be the first to benefit from LeaseJava. The organization also plans to extend the solution's availability to other markets, including Canada and the UK. LeaseJava has been available for sale in the US and supports US GAAP, IFRS and GASB lease accounting, with a revised onboarding process for new customers to purchase over the coming months.
