Cloud-enabled audit and accounting solutions provider Caseware said Tuesday it has acquired LeaseJava, a software-as-a-service (SaaS) solution designed and developed by leasing standards experts.
Financial terms of the deal weren’t disclosed. This is Caseware’s eighth acquisition since Hg Capital acquired majority ownership of the Toronto-based company in late 2020.
Atlanta-based LeaseJava enables audit firms, corporations, and nonprofit/government entities to manage their leases and ensure compliance with accounting standards, such as ASC 842, IFRS 16, and GASB 87, published by the Financial Accounting Standards Board (FASB), International Accounting Standards Board, and Governmental Accounting Standards Board (GASB), respectively.
LeaseJava provides support for lease modifications without the need to create a new lease, as modifications can easily be added to existing leases, considerably simplifying the process for auditors, according to a media release announcing the deal. The solution can handle complex and nuanced scenarios, computing details down to the daily level and aggregating them to manage intricate situations. Export functionality is configurable, allowing the user to select and group leases accurately. Additionally, LeaseJava offers weighted average computation and a bulk import feature to enhance ease of use.
Caseware’s U.S. customers will be the first to benefit from LeaseJava, and the company said it also plans to extend the solution’s availability to other markets, including Canada and the United Kingdom.
“With accounting standards requiring detailed lease reporting, LeaseJava helps auditors ensure that companies are fully compliant,” Caseware CEO David Osborne said in a statement. “We are proud to partner with Michael Cheng, a respected and visionary leader in the world of audit who conceptualized the LeaseJava solution. The automation of complex lease accounting calculations delivers precision and simplification, handles large datasets with ease, and saves significant time that can be allocated to other critical tasks.
“This acquisition underscores Caseware’s commitment to enhancing its connected ecosystem, artificial intelligence strategy, and the provision of an even more comprehensive suite of trusted, innovative solutions,” he continued. “Customers can look forward to a seamless experience and the continued evolution of the Caseware family of products, enabling them to effortlessly manage their workflows and do their jobs better than ever before.”
Cheng, CEO of LeaseJava, is also a partner in the assurance and advisory practice at top 50 accounting firm Frazier & Deeter. He previously was a senior project manager with the FASB and, in 2022, was appointed to the Private Company Council for a three-year term, which started on Jan. 1, 2023.
“I co-developed LeaseJava to solve the issues I was experiencing with lease computations along with Venkat Avasarala, partner and CEO of Acuvity Consulting. He played a key role in its development, providing strategic leadership and expertise that were instrumental in shaping the platform’s growth and success,” Cheng said. “The acquisition by Caseware marks a significant milestone for both the solution and the profession. I am confident that the Caseware team, renowned for its innovation and commitment to excellence, will enhance the capabilities of LeaseJava, providing even greater value to users. Caseware’s global footprint and unparalleled ability to deliver expertly crafted technology and domain expertise worldwide underscores their position as an industry leader.”
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