The deal enables LeaseQuery to tackle the next significant challenge facing organizations – SaaS operations and spend management
ATLANTA – August 8, 2023 – LeaseQuery, a fast-growing provider of software built to empower accounting and finance teams by simplifying the complex, today announced its acquisition of Stackshine, a SaaS spend management platform designed to help companies track and optimize their software spend and usage. With this acquisition, LeaseQuery extends a period of growth and tackles an increasingly crucial issue for organizations – SaaS operations and spend management, a mounting challenge for both IT and Finance.
As SaaS spending continues to grow by 15-20% annually for businesses of all sizes, the acquisition of Stackshine will significantly expand LeaseQuery’s offerings. The average company spends more than $343,000 annually on SaaS subscriptions, making it the largest cost other than payroll and real estate. Organizations that lack centralized visibility can struggle to budget accurately for and control their SaaS spend, leading to at least 25% overspend through 2027 due to excess licenses or overlapping tools.
“We are committed to making our customers’ lives easier by simplifying the complex, and our acquisition of an innovative SaaS spend management platform allows the office of the CFO to address another significant pain point regarding one of their largest areas of spend outside of leases,” said George Azih, founder and CEO of LeaseQuery. “Expanding our offering beyond lease accounting gives our combined customer base something no other provider is offering in the market – centralized visibility into two of their biggest spend areas, SaaS subscriptions and leases, in one comprehensive platform, enabling them to identify and reduce unnecessary spending.”
Founded in 2019 and backed by Y Combinator, Stackshine’s platform discovers the SaaS software used by a company, highlights available cost-cutting opportunities, and uses AI to automate employee onboarding and offboarding. Recognized for its revolutionary approach to data integration, Stackshine’s customers will now further benefit from LeaseQuery’s dedicated resources and commitment to customer success. By offering an expanded suite of solutions, users will now centralize processes and accelerate innovation.
“This exciting partnership with LeaseQuery elevates Stackshine to the next level of SaaS spend management providers,” said Tyler Diaz, CEO and co-founder of Stackshine. “Together, we will tackle this growing challenge facing organizations of all sizes on a larger scale than we could have individually. This is an exciting opportunity to become a category leader in an emerging market.”
For more information on Stackshine, powered by LeaseQuery, visit www.finquery.com/stackshine.
For more information about SaaS spend management, read LeaseQuery’s recent blog, SaaS Spend Management Explained and Best Practices.
LeaseQuery makes accountants’ lives easier by simplifying the complex with technology. More than 34,000 financial professionals globally rely on our cloud-based, CPA-approved solutions and in-house accounting expertise to comply with confidence across various FASB, GASB and IASB accounting standards. Our software helps businesses minimize risk, increase efficiency and reduce costs. Learn more about LeaseQuery’s core accounting solution, which focuses on easing the mandatory transition to ASC 842, IFRS 16, GASB 87 and GASB 96 and ensuring organizations stay compliant, or explore additional accounting tools. For more information, visit LeaseQuery.com.
Founded in 2019 and backed by Y Combinator, Stackshine is a SaaS Management platform designed to help companies easily track their software spend and usage. Through integrations with tools you currently use, Stackshine brings together the information you need to make smarter decisions, control costs, monitor security risks, and collaborate with your team, all in one simple platform. For more information, visit Stackshine.io.
Alloy on behalf of LeaseQuery