Visual Lease, a software platform for integrated lease management, accounting, and reporting, is being acquired by CoStar Group, a provider of online real estate marketplaces, information, and analytics in the property markets, the companies said on Oct. 22.
Financial terms of the deal weren’t disclosed. Woodbridge, NJ-based Visual Lease will become part of the CoStar Real Estate Manager business line, providing additional lease management and lease accounting solutions to corporations of all sizes.
“Visual Lease and CoStar Real Estate Manager are driven by the same mission of integrating all lease management portfolio functions into one user-friendly platform. Bringing Visual Lease into the CoStar Group family will allow us to create the best possible experience for our customers,” Andy Florance, founder and CEO of Washington, D.C.-based CoStar Group, said in a statement. “By combining CoStar Group’s industry expertise with Visual Lease’s diverse customer base, deep lease portfolio management expertise, and leading sustainability solutions, we are well-positioned to offer a more comprehensive service offering and continue growing both nationally and internationally. I look forward to welcoming the Visual Lease team to CoStar Group and working together to develop new capabilities to better serve our clients.”
CoStar Real Estate Manager helps customers across the globe manage every phase of the lease lifecycle, providing lease administration, lease accounting compliance, and transaction management applications, ensuring seamless workflows between real estate and accounting teams.
CoStar Group says the acquisition will “enhance functionality for businesses of all sizes by providing industry-leading lease management and accounting solutions coupled with the power of CoStar’s data and analytics.” The combination will also enhance relationships with key real estate and accounting service providers and increase integration opportunities with key technology partners, the company added.
Founded in 1996, Visual Lease’s lease accounting software is used by more than 1,500 organizations across the business services, construction, healthcare, manufacturing, and retail sectors. Visual Lease offers support for each team involved in managing a company’s leased and owned assets through a platform that encourages strategic financial and operational outcomes for organizations.
“This marks an exciting new chapter for Visual Lease,” said Marc Betesh, founder and executive chairman of Visual Lease. “This partnership with CoStar Group will allow us to propel our vision to even higher levels. I am incredibly proud of everything we have achieved since we began on this journey almost 30 years ago and am excited for all that is ahead.”
Visual Lease CEO Robert Michlewicz added, “From its inception, Visual Lease has focused on helping companies optimize the value of their lease portfolios. This moment and next step forward with CoStar Group is a testament to our team’s dedication to this mission. Joining forces with CoStar Group will accelerate our growth, expand our offerings, and even further enhance how we serve our customers.”
Citi served as exclusive financial advisor to CoStar Group on the transaction and Milbank LLP served as its legal advisor. Shea & Co. LLC served as exclusive financial advisor to Visual Lease and Latham & Watkins LLP served as its legal advisor.
Visual Lease is backed by Spectrum Equity and Growth Street Partners.
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Tags: Accounting, Financial Reporting, Software, Technology
