GlobeNewswire
SaaS solution enables automation of complex lease accounting calculations, ensuring precision and simplification
Caseware, a global leader in cloud-enabled audit, financial reporting and data analytics solutions, announced the acquisition of LeaseJava, a software-as-a-service (SaaS) solution designed and developed by leasing standards experts. Cloud-based LeaseJava enables audit firms, corporations and non-profit/government entities to manage their leases and ensure compliance with accounting standards such as ASC 842, IFRS 16 and GASB 87. These standards were published by the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB), 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. 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 US customers will be the first to benefit from LeaseJava. The organization also plans to extend the solution’s availability to other markets, including Canada and the UK.
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David Osborne, chief executive officer of Caseware remarked, “With accounting standards requiring detailed lease reporting, LeaseJava helps auditors ensure that companies are fully compliant. 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.”
Osborne continued, “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. 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.”
Prior to becoming partner at Frazier & Deeter LLC, Michael Cheng was a senior project manager with the FASB and, in 2022, was appointed to the Private Company Council (PCC) for a three-year term, effective on January 1, 2023.
Cheng commented, “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.”
He continued, “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.”
The acquisition marks Caseware’s eighth acquisition since Hg Capital acquired majority ownership in late 2020. Caseware is committed to delivering exceptional service and value to its customers and will continue to explore opportunities to strengthen its position in the market.
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