Insightsoftware, which is backed by Hg Capital, has acquired Legerity, a provider of cloud-based accounting rules software. No financial terms were disclosed.
RALEIGH, N.C. – April 21, 2022 – insightsoftware, a global provider of reporting, analytics, and performance management solutions, today announced it has expanded its footprint in Europe with the acquisition of Legerity, a provider of cloud-based accounting rules software. This deal brings a new solution set to insightsoftware, with opportunities to connect to existing product offerings that unlock business data for finance and operations teams and application developers at organizations of all sizes.
Year over year, finance teams have increased workloads due to more onerous statutory accounting and revenue authority reporting requirements. Finance leaders require greater visibility into financial processes to ensure effective planning and risk mitigation. For many organizations, the processes associated with financial close and reporting are slow and manual. Legerity gives organizations the ability to automate processes and eliminate labor intensive data collection and report development. By creating a consistent, non-siloed data source, it provides real-time visibility into financial and tax data, at any time, which strengthens your financial controls and your ability to manage risk effectively.
The Legerity accounting rules platform, FastPost, changes the way Insurance, Banking, and Telecommunications companies think about their back-office processes. It was built to handle large volumes of complicated data and process it in the cloud at ultra-fast speed, giving customers the ability to meet regulations and unlock the value of their data. Notably, the platform ensures back-end processes can keep pace with change, such as maintaining compliance with International Financial Reporting Standards (IFRS). It provides a granular level of control to finance and accounting teams.
“Legerity’s FastPost Platform is a strategic solution for organizations, especially during complex financial transformation. It brings an important set of capabilities to insightsoftware, including flexible business and accounting rules, compliance, and automated finance processes,” said Jim Triandiflou, CEO of insightsoftware. “Legerity is a natural fit as we expand both our product offerings and regional footprint. We’re thrilled to welcome strong, talented employees, customers, and partners to insightsoftware.”
“I am immensely proud of what we have achieved at Legerity over the last seven and a half years. We have built an award-winning, best in class SaaS platform and established a global client base of blue chip organizations. This acquisition brings immense opportunity to our employees, customers, and partners,” said Jeremy Wood, CEO, Legerity. “The role of today’s finance teams goes far beyond accounting. Demands from stakeholders and clients, the rapid pace of innovation, and changing regulatory requirements have been drivers for Legerity. Joining insightsoftware, our growth trajectory has been accelerated, meaning we’ll be able to expand the value we bring to our customers that rely on us for confidence in their financial data.”
Legerity was advised on the transaction by FirstCapital, an investment bank specializing in high-growth technology companies in Europe. With offices in London and Silicon Valley and an alliance in Germany, FirstCapital advises software, internet and digital media, and tech-enabled services companies on strategic M&A, private equity, and growth capital funding transactions.
insightsoftware is a leading provider of reporting, analytics, and performance management solutions. Over 30,000 organizations worldwide rely on us to support business needs in the areas of accounting, finance, operations, supply chain, tax, budgeting, planning, HR, and disclosure management. We enable the Office of the CFO to connect to and make sense of their data in real time so they can proactively drive greater financial intelligence across their organization. Our best-in-class solutions provide customers with increased productivity, visibility, accuracy, and compliance. Learn more at insightsoftware.com.