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Visual Lease Reports Strong End to 2020

January 21, 2021, 07:05 AM
Filed Under: Industry News

Visual Lease announced its 2020 business results, citing a 22 percent increase in revenue year-over-year, making it the third straight year that Visual Lease experienced double-digit growth. Along with an increase in revenue, Visual Lease reported a 21 percent increase in its customer base.

“Today, companies are focusing on both the substantial risks and the opportunities in their lease portfolios,” said Visual Lease’s founder and CEO, Marc Betesh. “This shift is not only in response to mandatory lease accounting compliance deadlines, but also in reaction to the impacts of COVID-19. Our continued growth and innovation are a testament to our ability to help businesses achieve compliance, streamline key processes, generate financial savings and most importantly, optimize their lease portfolios to help meet their business goals.”

Visual Lease’s 2020 milestones include:

  • Launched its Integrations Hub, empowering users to streamline workflows across systems and securely leverage lease data using auditable file transfers and flexible APIs.
  • Introduced Approvals, an internal preventative control feature, enabling users to asynchronously manage and monitor changes to critical lease information data.
  • Released the Roll Forward Report, a one-click report that provides users with a deeper level of supporting evidence for reconciliation efforts.
  • Established strategic partnerships across the accounting, real estate and technology sectors, growing its Partner Alliance Program by more than 100 percent since 2019.
  • Migrated its system to Amazon Web Services (AWS), providing users with unmatched network performance.
  • Unveiled VL University, supplying customers with a dedicated virtual training center to maximize their use of the platform.
  • Recognized within the top 10 percent on the 5000 list of fastest-growing companies in America and the top third of high-growth companies on the Deloitte 2020 Technology Fast 500. Designated No. 10 on NJBIZ’s list of New Jersey’s 50 Fastest Growing Companies and recognized by NJBIZ as one of the Best Places to Work in New Jersey.
  • Named Most Recommended for Lease Accounting Software by Capterra and a High-Performer by G2.

Visual Lease’s plans for 2021 include:

  • Introducing new product features to further enable customers to take control of their lease portfolios while successfully achieving compliance with GAAP, GASB and IFRS standards.
  • Considerably increasing its workforce, hiring top talent to deliver on its commitment to customers and partners.
  • Investing in its Integrations Hub, facilitating the ability for users to utilize third-party solutions and leverage lease data from across their business via one centralized location.
  • Expanding strategic partnerships with key organizations, growing its Partner Alliance Program.

“This year, lease compliance is front and center for more than 125,000 companies in the U.S.,” said Joe Fitzgerald, Senior Vice President of Lease Marketing Strategy at Visual Lease. “With our expertise, software and service, we’re poised to help these organizations achieve so much more than compliance. Together, we can unlock opportunities to not only support their business needs today, but to create the foundation required for more strategic management of these leased assets in the future.”

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