Portside acquires LeaseWorks
Portside has ventured into the aircraft leasing space with the acquisition of cloud-based management specialist LeaseWorks.
The acquisition grows Portside’s suite of integrated, cloud-based software solutions for business aviation operators. LeaseWorks’ products include the Aeris suite of software solutions, designed 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,” said 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.”
Alek Vernitsky, Portside CEO added: “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. 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. Their backing is expected to generate opportunities to scale LeaseWorks’ business, enabling both organic and inorganic investments.
Vazhayil added: “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.”
