The Seattle-area fintech startup Finagraph has merged with LeaseCrunch, a Milwaukee-based company that sells accounting software. The financial terms of the deal were not disclosed. Finagraph was founded in 2010 and develops financial data analysis software.
The software automates financial data collection and analysis from popular accounting systems such as QuickBooks and Microsoft Dynamics. The company is led by its founder and CEO, James Walter. Walter previously spent seven years at Microsoft working on Xbox and Windows 7.
The combined company now serves more than 750 CPA firms. This is an increase from the 650 CPA firm customers that LeaseCrunch had before the merger. “This development brings together LeaseCrunch’s lease accounting expertise and advanced data extraction and analysis solutions,” said LeaseCrunch CEO Mark Weidick in an email.
“Together, we empower CPA firms to automate time-consuming tasks, enhance efficiency, and deliver greater strategic value to their clients. This also enables us to provide our customers with even more tools to streamline workflows and operations,” Weidick added.
Finagraph and LeaseCrunch join forces
While legally a merger, LeaseCrunch is leading the investment and driving the process to combine the strengths of both entities. The current plan, according to Weidick, is to incorporate the new technology under the LeaseCrunch brand. Future branding decisions will be part of the company’s long-term strategy to best serve its clients’ needs.
“We’re thrilled to join forces,” said a leading executive from the acquired company in a statement. “Together we’re enhancing the productivity of CPA firms by streamlining workflows, equipping them with real-time financial intelligence, and delivering precise data for critical decisions.”
By integrating the new technologies, CPA firms will have access to tools for collecting and extracting financial data from their clients. This strategic move enhances the company’s capabilities across audit, financial due diligence, and client accounting services.
“Our mission is to empower CPA firms with solutions that enhance client engagement, increase operational efficiency, and enable firms to better serve clients,” said Weidick. “By expanding our tools, we are addressing critical needs across audit, financial due diligence, and client accounting services, paving the way for continued growth.”
This strategic initiative follows a series of key developments at LeaseCrunch. In June, the company expanded its leadership team with Weidick as the new CEO, Jessica Hamilton as Chief Financial Officer, and Miguel Perez as Chief Product Officer.
Earlier in January, the company announced a major investment from Aquiline Capital Partners. The merger represents a significant step forward in the accounting technology landscape. It promises enhanced efficiency and expanded services for CPA firms worldwide.
