Accounting solution AMTdirect has received an undisclosed strategic investment from Luminate Capital Partners.
North Carolina-based AMTdirect offers real estate professionals and lease administrators an automated contract management solution, which is can integrate with ERP and accounting systems. Through the platform a user can access lease information, contracts and the expenses and revenues.
Alongside the management services, the company provides a lease audit service to ensure a business is not overpaying on products like insurance maintenance, and taxes. Invoice reviews allow for potential errors, incorrect calculations or unallowable expenses are found.
AMTdirect president Dan Schubert said, “As we prepare to help our customers comply with the FASB 842 and IFRS 16 standards, we wanted to find a partner that could help us in scaling our enterprise software businesses, and we feel we now have that with Luminate Capital.â€
Following the transaction Luminate founder Hollie Haynes, Luminate operating partner Mark Haidet, and Luminate principal Sanjay Palakshappa will join AMTdirect’s board of directors.
Luminate Capital looks to invest in companies operating in SaaS, back office and supply chain, marketing automation, e-commerce, data and analytics and software-enabled services. The firm has a range of FinTech companies already in its portfolio, including payment processor solution fintech, automated spending compliance application Oversight and regulatory compliance provider StarCompliance.
The accounting sub-sector of infrastructure and enterprise software is dominated by the North American market. Last year the region saw over half of the total commitments into the area, totaling $233.6m.
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