Spectrum Equity Completes Sale of Visual Lease

SAN FRANCISCO, November 4th, 2024 – Leading growth equity firm Spectrum Equity has announced the completed sale of Visual Lease, a premier software platform for integrated lease management, to CoStar Group (NASDAQ: CSGP).

Spectrum invested in Visual Lease in 2019 as updated lease accounting rules began driving an offline to online shift in the management of real estate and equipment leases. Visual Lease’s founder Marc Betesh had been early to recognize the need for purpose-built software to help companies centralize lease documents, streamline lease-related workflows, and provide greater control for finance, legal, facilities, and operations mangers.

“We recognized that Visual Lease was a strong player within the middle market, with a loyal customer base,” says Spectrum Principal Matt Neidlinger. “Visual Lease had the credibility and customer-centric approach to support a wide swath of the market.”

Over the following five years, Spectrum and Visual Lease worked to build the company’s direct and channel go-to-market functions, expand product capabilities to deliver greater customer value, and grow the Visual Lease organization to support its growing customer footprint.

“I wanted a partner who could help us navigate Visual Lease’s next phase of growth,” said founder Marc Betesh. “Spectrum understood the unique opportunity, and they had the right experience to help us seize it.”

Since Spectrum’s investment, Visual Lease has added experienced talent like Paul Byrne to the company’s Board of Directors and brought on Robert Michlewicz as CEO, both formerly of Spectrum-backed Trintech. Visual Lease’s customer base has grown nearly three-fold to over 1,500 organizations across the business services, construction, healthcare, manufacturing, and retail sectors.

“Spectrum brought key resources to bear, gave us the leverage we needed, and helped us with the tactical, day-to-day decision-making that can make or break a business,” says CEO Robert Michlewicz. “They were partners in the true sense of the word.”

“Visual Lease has proven themselves to be adept at navigating through shifting market environments, while staying committed to their customers,” says Spectrum Managing Director Vic Parker. “We’re honored to have partnered with Marc, Robert, the rest of the Visual Lease team, and Growth Street Partners, and are proud of the work we’ve done together. I look forward to seeing the company continue to thrive as part of CoStar.”

Shea & Company, LLC served as exclusive financial advisor to Visual Lease and Latham & Watkins LLP served as its legal advisor.

About Visual Lease

Visual Lease (VL) is a premier platform for integrated lease management and lease accounting, trusted by enterprises worldwide to navigate complex portfolios with precision and ease. As the centralized system of record for all lease-related financial, operational, and legal data, VL is purpose-built to support every team involved in managing a company’s leased and owned assets. Informed by nearly three decades of experience, our platform integrates lease management, lease accounting, and sustainability reporting, enabling organizations to save time, mitigate risks, reduce costs, and support sustainability initiatives. Our award-winning software is used by 1,500+ organizations to manage more than 1 million real estate, equipment, and other leased asset records globally. For more information, visit visuallease.com.

About Spectrum Equity

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading Internet-enabled software and data services companies. Representative investments include AllTrails, CINC Systems, Definitive Healthcare, Empyrean Solutions, GoodRx, Kajabi, Lucid Software, Origami Risk, RxVantage, and Zenwork. For more information, including a complete list of portfolio investments, visit our Portfolio page.