LeaseAccelerator, a provider of web-based lease accounting software based in Reston, Virginia, has Guardian Global Systems, an Australian company that has developed online real estate administration software, for an undisclosed sum.

The acquisition comes as more companies are adjusting to new lease accounting standards under both U.S. GAAP and International Financial Reporting Standards. Guardian Global will expand LeaseAccelerator’s portfolio of applications with a system for helping real estate companies manage their buildings, land and property contracts, both leased and owned.

Guardian Global’s property management applications cater to corporate real estate needs. Its main product, Portfolio Manager, helps companies manage their real estate assets, contracts, clauses, options, invoices, payments, forecasting, budgeting, and reporting for leased, sub-leased, owned, and tenanted properties. The property technology market has experienced a surge in investment in recent years, with over $20 billion in investment capital deployed in 2017 and 2018. The worldwide market for real estate and building management software grow is expected to grow from $4.9 billion in 2018 to $7.4 billion in 2022, according to the research firm Verdantix.

“As companies move trillions of dollars of leases onto the balance sheet with IFRS 16 and ASC 842, organizations are realizing that further automation of the real estate lifecycle is required for scalability and success,” said LeaseAccelerator CEO Michael Keeler in a statement. “The combination of LeaseAccelerator and Guardian Global will enable us to offer a unique suite of applications to meet the needs of both the controller and the corporate real estate organizations. Having a shared database that can be used for both real estate lease administration and accounting will help the CFO’s team drive savings as well as improve the timeliness of the monthly close process.”

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