Insightsoftware buys LeaseAccelerator

Accounting and finance solutions provider insightsoftware has acquired LeaseAccelerator, a provider of automated solutions for lease accounting, real estate lease administration, competitive lease sourcing and lease lifecycle management. 

"This acquisition not only expands our offerings but signifies our commitment to this segment," said Monica Boydston, Insightsoftware's general manager of controllership, in a statement. "By integrating LeaseAccelerator into our portfolio, we solidify our position as one of the most comprehensive solution providers for the office of the CFO. LeaseAccelerator provides solutions with extensive capabilities in lease accounting and real estate lease administration, empowering organizations to streamline asset and real estate leasing processes for sustainable ROI. With a unified lifecycle approach for effective and compliant lease management, the LeaseAccelerator platform frees financial teams to focus on high-value tasks while doing more with fewer resources."

The move comes at a time when all entities are now required to comply with the Financial Accounting Standards Board's lease accounting standard. While the standard was formally approved in 2015 (after a years-long process that involved a discussion paper in 2009, an exposure draft in 2010 and a revised draft in 2013), it did not go into effect for public companies until 2019 and for private companies in 2021. Though the FASB had considered delaying the effective date for private companies, it ultimately decided to stay the course and maintain the 2021 deadline. While companies scrambled to get themselves ready for the new requirements, they then faced with the challenge of maintaining this compliance in the long term. For many entities, especially those who procrastinated on implementation, meeting this challenge has required specialized software solutions to effectively manage what can sometimes be tens of thousands of leases per entity.

"Global organizations struggle with the efficient and accurate management of real estate and equipment leases, which results in compliance gaps, overpayments, and wasted resources," said LeaseAccelerator CEO Michael Keeler in a statement. "LeaseAccelerator solutions are designed to solve these problems and drive substantial, quantifiable savings. By joining Insightsoftware, we are further empowering financial teams with deep visibility into and control over the entire lease lifecycle, delivering the confidence required to make effective financial decisions. Our customers now have access to an extensive portfolio of complementary solutions serving the office of the CFO."

This is the third acquisition Insightsoftware has made this year, and its 28th in the last six years. News of the acquisition comes shortly after the company released another product, an ESG analytics and reporting solution.