LeaseWorks and Portside Join Forces

Acquisition to Create Enterprise Software Powerhouse Serving Clients in Aviation

STAMFORD, Conn.--(BUSINESS WIRE)--LeaseWorks®, a leading provider of innovative software and digital solutions for the aviation industry, announced that it had been acquired by Portside, a leading innovator in technology and software solutions for business and government aviation.

The acquisition extends Portside’s suite of integrated, cloud-based software solutions for business aviation operators with LeaseWorks’ cloud-based products and services, including the Aeris^TM suite of software solutions, designed specifically for aircraft lessors and airlines. The transaction also signifies Portside’s first venture into the aircraft leasing space.

“Portside shares LeaseWorks’ vision for the aircraft leasing market - to build a software company of scale that will be a transformational force in the industry,” commented Haseem Vazhayil, LeaseWorks CEO. “With Portside’s investment, we’ll be able to further enhance our market-leading position as an enterprise software powerhouse, meeting the diverse needs of clients across the full spectrum of the aviation community.”

”LeaseWorks’ cutting-edge technologies and best-in-class customer service for aircraft lessors significantly advances our goal of providing a single system of record to aircraft owners and operators,” said Alek Vernitsky, Portside CEO. “Our customers’ view of profitability will be greatly enhanced with the full visibility of aircraft lifecycle management, and we are excited to have LeaseWorks in the Portside family.”

Portside is backed by Vista Equity and Insight Venture Partners, two preeminent U.S. private equity firms that specialize in software investing. The backing of these institutions is expected to generate significant opportunities to scale LeaseWorks’ business, enabling both organic and inorganic investments as well as benefiting the company’s operations through the added expertise and support from Portside.

“This transaction is a testament to the hard work, dedication, and trust our team has been privileged to bring over the years to both our customers and the industry. Together with Portside, we will continue to deliver the utmost dedication, unmatched expertise, and highest quality of service to our customers, while leveraging growth opportunities to scale mutual operations,” concluded Vazhayil.

About LeaseWorks

LeaseWorks® provides cloud-based products and services to the aviation leasing community, with solutions for both lessors and airlines. Aeris MATCH™ helps lessors more quickly and effectively deploy their aviation assets with airlines around the globe. Aeris ASSET™ allows both lessors and airlines to manage the intricate details of aviation leases. These are the first two of a suite of products that will constitute a full-life-cycle portal for managing leased aviation assets. www.leaseworks.aero

About Portside

Portside, Inc. is a premier provider of modern software solutions for the aviation industry. Portside’s cloud-based suite of products is designed to support all aspects of flight operations, including scheduling and record keeping (Avianis, Takeflite, BART and PFM product lines), safety management (Baldwin), fleet and crew optimization (Portside Optimizer), data sharing, reporting and analytics (Portside Owner Portal / Budget & Planning Dashboard), crew recruiting (Staffing Marketplace), and trip planning (Portside Trip Assist). Portside supports over 1,000 customers in 40+ countries, including passenger and cargo airlines, aircraft lessors, operators of business aircraft and helicopters, medevac, industrial and government fleets, as well as fractional ownership programs. www.portside.aero