Accountants across public, private, nonprofit and government organizations will receive even greater help in complying with the new lease accounting standards from FASB, IASB, and GASB, now that Goldman Sachs’ Merchant Banking Division has invested $40 million into LeaseQuery. The lease accounting software provider’s Series A round will fund company growth, over the nearly 1,000 companies it currently serves. In 2018, the Georgia-based LeaseQuery achieved 708 percent year over year revenue growth and is primed for more.
Compliance with new lease accounting standards from FASB, IASB, and GASB has proven to be a major challenge to companies. According to a recent survey from LeaseQuery, just 5 percent of private companies have completed their transition to the modern updated regulations.
Using LeaseQuery’s software, accountants now have the tools to meet compliance for leasing standards, organize balance sheets, and ensure complete confidence in the capital markets. Goldman Sachs saw LeaseQuery’s team as innovative and dedicated, bolstering their decision to help fund the companies accelerated growth.
“LeaseQuery has found a way to deliver easy-to-use solutions to their clients’ complex problems,” said Stephanie Cohen, Goldman Sachs’ chief strategy officer who founded Launch With GS, an investment strategy that aims to narrow investing gaps by directing capital and opportunities toward diverse management teams. “George and his team are a prime example of an executive team that is succeeding by bringing innovation to space that is in need of disruption.”
