Legerity

Legerity provides a high-performance accounting rules platform, FastPost, designed to help businesses in the insurance, banking, and telecommunications sectors manage complex accounting changes and digital finance transformation. The company was founded in London, United Kingdom, in 2014 by Jeremy Wood, a serial entrepreneur with over 25 years of experience in enterprise financial software. Wood's background includes designing a systems-based approach to event-driven accounting in the late 1990s, a concept that evolved into Legerity's third-generation platform.

The core of Legerity's offering is the FastPost platform, which serves as a sub-ledger and accounting hub. It is engineered to handle large data volumes and complex calculations at high speeds, reducing processing times from hours to minutes. The platform assists clients in complying with demanding regulatory standards, particularly International Financial Reporting Standards (IFRS) such as IFRS 9, 15, 16, and 17. FastPost integrates with existing legacy systems, creating a single, granular, and validated source of data for finance, risk, and actuarial functions. The business model is primarily subscription-based, offering the solution as Software-as-a-Service (SaaS) or Platform-as-a-Service (PaaS), which shifts client expenditure from a capital expense (CapEx) to an operating expense (OpEx) model. It can be deployed in the cloud or on-premise.

In April 2022, Legerity was acquired by insightsoftware, a global provider of reporting, analytics, and performance management solutions for the Office of the CFO. This acquisition integrated Legerity's specialized accounting rules engine into insightsoftware's broader suite of financial tools, aiming to enhance capabilities in financial close and consolidation processes. Legerity's solution has received industry recognition, being named a category leader by Chartis Research for IFRS 17 compliance. Clients include major financial services firms like Aegon.

Keywords: IFRS 17 compliance, accounting rules engine, financial transformation, sub-ledger accounting, FastPost, IFRS 16, IFRS 15, IFRS 9, digital finance, financial reporting, cloud accounting, PaaS, SaaS, regulatory compliance, finance automation, insurance accounting, banking technology, telecom finance, data integration, Jeremy Wood, insightsoftware