TORONTO--(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.
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.
