LeaseWorks and Portside Join Forces
August 15 2024 - 9:31AM
Business Wire
Acquisition to Create Enterprise Software
Powerhouse Serving Clients in Aviation
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
AerisTM 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
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version on businesswire.com: https://www.businesswire.com/news/home/20240815908693/en/
Lynn Moore Email: lmoore@portside.co Phone: +1-843-342-3921
Rahul Kartha Email: rahul.kartha@lease-works.com Phone:
+1-203-663-3999