Investment bank Goldman Sachs’s Merchant Banking Division yesterday put up $40m of series A capital for US-based lease accounting software developer LeaseQuery.
LeaseQuery has developed a software platform employed by more than 10,000 accountants to help comply with lease accounting standards – a set of rules governing how the value of property lease contracts are calculated.
The software allows clients to compile journal entries and inventory estimates specific to the property type under valuation, and is tailored to a recent overhaul in lease accounting principles implemented by three major trade bodies.
LeaseQuery has grown its customer base from 500 companies to almost 1,000 since launching the software in 2018. It recently launched a new branch in Alabama to complement existing operations in Atlanta, Georgia.
John Giannuzzi, vice-president at the Goldman Sachs merchant banking unit, said: “With nearly 1,000 customers, LeaseQuery is the leader in the lease accounting market.
“LeaseQuery is a tested, dedicated lease accounting solution built by accountants, and the company’s combination of customer insight, differentiated technology and accelerated growth is unique and exciting.”