Luminate Capital Partners, a private equity firm investing in growth software companies, has sold AMTdirect, a provider of lease accounting, lease administration, and facilities management software, to MRI Software.

Jeff Ralyea, Chief Executive Officer of AMTdirect, says: “Over the last few years, the Luminate team has partnered with AMTdirect to deliver cloud-based solutions to leading corporations and retailers. We’ve been able to build the organization and products that now support lease administration, lease accounting, and facilities management for hundreds of enterprise customers.”

“AMTdirect has experienced considerable growth as a result of their ability to provide solutions to manage lease portfolios while ensuring compliance with accounting standards, such as FASB,” says Hollie Haynes, Managing Partner at Luminate.

“The company has become a predominant provider in the space due to its ability to help customers efficiently address regulatory changes,” says Mark Haidet, an Operating Partner at Luminate who has served as chairman of AMTdirect since the Luminate investment.

Since Luminate’s investment in 2017, the company has undergone significant transformation into a scaled provider of enterprise software, doubling revenue while substantially improving profitability.

Legal advice to Luminate and AMTdirect was provided by Kirkland & Ellis.

Source: Private Equity Wire