Caseware Announces Acquisition of LeaseJava
Deal News | Jan 07, 2025 | Globenewswire
Caseware, a leader in cloud-enabled audit and data analytics solutions, has acquired LeaseJava, a software-as-a-service solution focused on lease management and compliance with accounting standards such as ASC 842, IFRS 16, and GASB 87. LeaseJava, co-developed by Michael Cheng and Venkat Avasarala, allows users to efficiently manage lease modifications and complex computations. This acquisition represents Caseware's eighth purchase since Hg Capital's investment in the company. Caseware intends to enhance its ecosystem with LeaseJava, providing customers, starting with those in the US, with improved workflow management capabilities. The acquisition underscores Caseware's commitment to innovation and delivering value to its global customer base.
Sectors
- Financial Software
- Accounting and Auditing
- Cloud Computing
Geography
- Canada – Caseware is headquartered in Toronto, and the acquisition marks its Canadian strategic activities.
- United States – Caseware's US customers are among the first to benefit from LeaseJava's offerings.
- United Kingdom – Caseware plans to expand LeaseJava's availability to the UK market.
Industry
- Financial Software – The acquisition involves Caseware and LeaseJava, both of which provide software solutions for financial reporting and lease management.
- Accounting and Auditing – The focus of the acquisition is on compliance with accounting standards (ASC 842, IFRS 16, GASB 87), directly relating to the audit and accounting industry.
- Cloud Computing – Caseware's solutions, including LeaseJava, are cloud-enabled, highlighting the relevance of cloud computing in this acquisition.
Financials
- Eighth acquisition since late 2020 – This acquisition of LeaseJava marks Caseware's eighth acquisition since Hg Capital acquired majority ownership.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Caseware | Acquirer | Company | A global leader in cloud-enabled audit, financial reporting, and data analytics solutions. |
| LeaseJava | Target Company | Company | A SaaS solution for lease management and accounting compliance. |
| David Osborne | CEO of Caseware | Person | Chief Executive Officer of Caseware, responsible for strategic oversight including this acquisition. |
| Michael Cheng | Co-developer of LeaseJava | Person | Contributed to the development of LeaseJava and brings valuable audit expertise. |
| Venkat Avasarala | Co-developer and CEO of Acuvity Consulting | Person | Played a key role in LeaseJava's development with strategic leadership. |
| Hg Capital | PE Firm with majority ownership in Caseware | Company | Majority owner of Caseware since late 2020, backing its expansion strategy. |