Goldman Sachs backs Atlanta software company with $40M investment

Goldman Sachs backs Atlanta software company with $40M investment
George Azih, founder and CEO of LeaseQuery: “We founded LeaseQuery to solve a singular problem. The new lease accounting standards are incredibly complex, and accountants needed purpose-built software to comply and unlock insight about their leasing strategy. We’re thrilled to have Goldman Sachs’

Fast-growing Atlanta software company LeaseQuery is primed to take its next step after receiving a $40 million investment from The Goldman Sachs Group Inc.’s (NYSE: GS) merchant banking division.

LeaseQuery, a 2019 Pacesetter Award winner, develops software for companies trying to navigate national and international financial reporting rules.

In a statement to Atlanta Business Chronicle, LeaseQuery CEO George Azih said the Series A funding would be used “to invest in best-in-class software, solutions, and talent to better serve our clients.”

The company said in a news release Tuesday it’s on track for another record year of growth in 2019, achieving 708% year-over-year revenue growth in 2018. The company added that its client base has nearly doubled since the end of 2018 — from 500 companies to about 1,000.

Atlanta Business Chronicle reported in May the company planned to add up to 200 jobs as part of an expansion into another tower on the Atlanta Perimeter. LeaseQuery also recently opened a new office in Birmingham, Ala.

What’s driving LeaseQuery’s growth are new rules from the Financial Accounting Standards Board, with companies now needing to report long-term leases on their balance sheets. LeaseQuery says more than10,000 accountants across public, private, nonprofit and government organizations use their platform to comply with the new lease accounting standards.

“LeaseQuery has found a way to deliver easy-to-use solutions to their clients’ complex problems,” said Stephanie Cohen, Goldman Sachs’ chief strategy officer, in a news release. “[LeaseQuery CEO George Azih] 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.”

 

 

By Eric Mandel

 

https://www.bizjournals.com/atlanta/news/2019/11/06/goldman-sachs-backs-atlanta-software-leasequery.html

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