Company achieves double-digit YoY annual recurring revenue and customer growth
for fourth consecutive year
Woodbridge, NJ – January 20, 2022 — Visual Lease, the #1 lease optimization software provider, today announced results from 2021, reporting an increase of nearly 30% in customer count and annual recurring revenue year-over-year, making it the fourth consecutive year that the company has experienced double-digit growth. Visual Lease now assists nearly 1,000 organizations with lease accounting compliance and the financial, legal and operational performance of their leased assets.
“Our continued success is grounded in our commitment to our customers,” said founder and CEO, Marc Betesh. “Our software is designed to help companies not only master lease accounting compliance, but also effectively manage their leased assets for maximum return on investment. Our platform supports cross-functional collaboration across all teams who handle lease data, a critical part of the lease accounting and management process that will drive business impact today and well into the future. As we move further into 2022, we’re building on a very strong foundation, and will continue to make strategic investments in our product, services, people and infrastructure.”
Some of the company’s other achievements in 2021 included:
Solution Advancements
Lease Accounting
- Expanded its GASB support, launching technical accounting features to streamline the handling of lessor termination calculations, schedule modifications and reports.
- Introduced GASB 87 Complete and ASC 842 Proven Path, which are end-to-end lease accounting solutions and services packages for public sector entities and private companies with fewer than 100 leases.
- Introduced a GASB RFP Template, a free, comprehensive RFP template to assist organizations in the evaluation of lease accounting technology providers.
- Enhanced its most frequently used reports (Ad Hoc, Roll-Forward, Disclosure and Lease Accounting reports), which resulted in greater visibility into calculations, supporting audit-readiness.
- Launched short-term calculations, empowering its users to easily create short-term calculations irrespective of lease terms.
- Improved the process around financial entries when importing calculations and transaction values.
- Expanded support of foreign currency disclosure and reporting, increasing visibility into calculations to assist with audits.
Lease Administration
- Released a new Lease Options Report, providing an easy-to-read summary of critical options information and empowering its users to act based on key details within their portfolio.
- Announced a new Schedule Upload feature, enabling its users to quickly generate abandonment schedules with itemized interest and amortization entries.
- Expanded the VL Integrations Hub with a broader set of APIs, export and integrations options that allow users to streamline their processes and improve productivity by automating repetitive tasks.
- Increased support with lease abandonment, a critical capability for many organizations dealing with the ongoing impacts of COVID-19 and the many resulting changes within their lease portfolio.
Infrastructure & Community
- Celebrated its 25th anniversary and as part of it donated $25,000 to three non-profit organizations addressing affordable housing needs: Habitat for Humanity International, The Affordable Housing Alliance and New Jersey Veterans Home at Menlo Park.
- Introduced its Customer Advisory Board (CAB), assembling a select group of senior financial management and real estate executives from its customer base to share insights and solicit feedback on its solutions and services.
- Doubled its Partner Alliance network, joining forces with a number of industry-leading organizations such as SolomonEdwards and CGFI, providing increasingly valuable service and offerings to mutual customers.
- Hired across all departments, increasing its employee base by 38% year over year.
- Launched its Corporate Strategy Department to gather information and harness market insights to determine a greater, forward-looking solution for its customers.
Brand & Thought Leadership
- Unveiled new branding, elevating its look and feel to mirror its ingenuity, passion and commitment to helping companies achieve confident, ongoing lease accounting compliance.
- Announced its Consult an Expert program, providing companies with direct access to its deep bench of accounting professionals and lease specialists.
- Launched The Visual Lease Data Institute, publishing two reports, “The Road to Readiness for ASC 842” and “Commercial Real Estate in 2022.”
- Introduced its Lease Accounting Monthly Planning Workshops webinar series, providing companies with unique insight and resources to help successfully take the steps needed to transition to ASC 842 and GASB 87.
- Launched its Lease Accounting Solution Transition (LAST) PlannerTM, an interactive and easy-to-use tool that provides organizations with a custom plan to facilitate their move from one lease accounting platform to another.
Industry Recognitions
- Ranked in the Top 20% on the Inc. 5000 List and included in the Deloitte Fast 500™ for the second consecutive year.
- Honored with a Bronze Stevie® Award in the Fastest Growing Company of the Year category in The 19th Annual American Business Awards®.
- Named a winner of a Gold Stevie® Award in the Employer of the Year category in the sixth annual Stevie Awards for Great Employers.
- Identified as a Top Software Company of 2021 by The Software Report.
- Included in the Capterra Shortlist for Lease Management, identified as a top lease management tool of 2021.
- Recognized by G2 as the only leasing solution that is a Leader in both Lease Accounting and Lease Administration.
- Placed in a new Gartner Digital Markets report for FrontRunners Online Property Management Software.
- Named a Best Place to Work in New Jersey by NJBIZ.
- Recognized as a Top Workplace in 2021 by NJ.com.
To keep up with announcements from Visual Lease, visit the Visual Lease Newsroom.
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 nearly 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.
Media Contacts
Erica Bonavitacola
Visual Lease
T+1 732 860 4838
ebonavitacola@visuallease.com
Katie Vroom
Gregory FCA
T+1 212 398 9680
kvroom@gregoryfca.com
