Reston, Va.–based LeaseAccelerator said it will expand its international presence after raising $30 million in Series B funding.
Insight Venture Partners, a New York VC and private equity firm, led the funding round. Managing Director Peter Sobiloff will join the company’s board in the deal.
LeaseAccelerator makes an accounting platform to help companies manage leases on real estate, computers and vehicles. The company said it is looking to better serve multinational customers with a worldwide expansion. It will also invest in R&D as it looks to expand use cases to more industries, CEO Michael Keeler said in announcing the funding.
The company said it tripled revenue and quadrupled its customer base in 2017, but did not provide numbers. New federal accounting standards taking effect will require companies to track all leases as assets and liabilities. The company said that’s bringing increased interest in its software.
“There is explosive demand for technology to transition to the new lease accounting standards, but most software providers are capital constrained,” Keeler said in a statement. “With the new funding from Insight Venture Partners, we will be able to aggressively invest in product development, testing, training and implementation support resources to meet the rapidly evolving needs of our customers.”-30-