IGM Technology Receives Strategic Growth Investment From Lead Edge Capital
June 25 2024 - 12:00PM
Business Wire
IGM Technology, a leading provider of financial software to
state and local governments, announced a strategic growth
investment from Lead Edge Capital, a leading global growth equity
firm. IGM has experienced significant revenue growth given the
adoption of its leading disclosure management, budgeting and
reporting software solutions. This strategic investment represents
the company’s first institutional capital raise and the funding
will help accelerate growth through investments in product and
operations.
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IGM’s cloud-based platform, Gravity, is used by governments and
enterprises to comply with complex regulatory reporting and
transparency requirements. The company’s cutting-edge software
dramatically reduces the operational burden of compiling budgets,
Annual Comprehensive Financial Reports, financial reconciliations,
and other financial reporting processes through native integrations
and process automation. Lead Edge’s investment comes during a
period of remarkable revenue growth for IGM. The demand for IGM's
innovative, best-in-class financial reporting and budgeting
software has significantly increased in recent years, leaving
substantial room for continued market adoption.
“IGM Technology is committed to helping our clients automate
mission-critical financial reporting requirements through best of
breed software technologies. At the core of Gravity is a complex
multi-dimensional financial model, which enables our clients to
instantaneously build automated financial reports and budget books
that are of professional publisher quality and to comply with
complex and evolving regulatory standards. Since founding the
company several years ago, we have assembled a world class team and
developed a market leading solution. With this investment from Lead
Edge Capital we are excited to redouble our investments in team and
product to support our rapidly growing base of customers,” said IGM
Technology’s Founder and CEO Isaac Gleicher.
“IGM is addressing a critical and underserved market where
thousands of government agencies and organizations with complex
reporting requirements are currently using in-house or manual
processes. IGM is the leading provider of software that automates
the disclosure, budgeting and reconciliation processes and is
exceptionally well positioned to meet the needs of these
organizations. We are excited to partner with Isaac and support the
company as it accelerates product innovation and growth,” said Dan
Lynn, Partner at Lead Edge Capital.
Paul Colangelo, an experienced executive in government
technology, will be joining the IGM Technology Board of Directors
as Non-Executive Chairman. “Isaac and the IGM team have built an
industry-leading product suite that fills a critical gap in the
government technology market. The Gravity solution is truly unique,
and the company’s impact will only grow stronger as financial
reporting requirements become increasingly complex. I am excited to
partner with IGM and assist in bringing the company’s innovative
product to many more public sector organizations across North
America,” he said.
Atlas Technology Group acted as exclusive financial advisor to
IGM Technology on the transaction. Shea & Company served as
exclusive financial advisor to Lead Edge Capital.
About IGM Technology: IGM
Technology, the provider of Gravity, is a leading cloud-based,
end-to-end financial management software suite for government
agencies and corporations. The company helps CFOs, auditors, budget
analysts, and finance directors to more efficiently and accurately
produce financial reports, manage departmental budgets, and
streamline workflows across the finance department. IGM Technology
was founded in 2014 and is headquartered in Toronto, Ontario.
About Lead Edge Capital:
Lead Edge Capital is a $5 billion growth equity firm investing in
software, internet, and tech-enabled businesses globally. The firm
has invested in a number of major software and internet companies
around the world, including Alibaba Group, Arrive Logistics, Asana,
Azul Systems, Bazaarvoice, Benchling, Clearscore, Duo Security,
Grafana, GrowthZone, Holistiplan, LeanStaffing, LiveView
Technologies, Pacemate, Safesend, Signal Sciences, Tempo, Toast,
Wise, and YouSign. One of the main drivers of Lead Edge’s success
is its unique investor base, a network of 700+ executives,
entrepreneurs, and dealmakers who have built and run some of the
world’s most successful companies. In addition to providing
flexible capital, Lead Edge leverages this global advisory group to
connect portfolio companies with the customers, partners, talent,
and advisors needed to accelerate growth. Lead Edge Capital was
founded in 2011 and has offices in New York City and Santa
Barbara.
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version on businesswire.com: https://www.businesswire.com/news/home/20240624529619/en/
Media: media@leadedgecapital.com