Lucernex
Manage the most complex real estate and equipment lease scenarios, mitigate risk, achieve compliance and seamlessly integrate into your ERP.
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Founded in 2000 by Joe Valeri, Lucernex established itself as a provider of cloud-based Integrated Workplace Management System (IWMS) software before its acquisition by Accruent in August 2017. The company specializes in real estate lifecycle management, targeting a diverse client base that includes retail, restaurants, healthcare, and commercial spaces. Its business model is based on providing SaaS solutions that assist organizations in managing their physical assets and real estate portfolios.
The core of Lucernex's offering is a suite of software products designed to handle every phase of the property journey. This includes the Lx Contracts module for lease accounting and administration, which is a key component for ensuring compliance with financial reporting standards like FASB, IASB, and GASB. Another product, Lx Markets & Sites, provides real-time analytics for market planning and to shorten site selection cycles. For construction and capital improvement projects, the Lx Projects module offers data-driven management tools to control costs and allocate resources effectively. The software also features a Real Estate Planner for strategic expansion and monitoring.
Lucernex's platform functions as a centralized data repository, integrating with clients' existing ERP and financial systems to streamline operations and enhance reporting accuracy. This integration allows for comprehensive financial management, including expense tracking, forecasting, and budgeting. The system's primary benefit is providing transparency across a company's entire lease portfolio, enabling users to identify underperforming assets, manage obligations, and make informed decisions. A significant event in the company's history was its acquisition by Accruent, a move intended to bolster Accruent's capabilities in lease accounting compliance ahead of new FASB/IASB regulations. At the time of the acquisition, Robert Abdul was serving as the interim CEO.
Keywords: real estate management software, IWMS, lease accounting, FASB compliance, IASB compliance, property lifecycle management, contract management, site selection analytics, real estate portfolio optimization, Accruent, Lx Contracts, project management software, SaaS, lease administration, financial contract management, commercial real estate technology, retail real estate, GASB 87, IFRS 16, FASB ASC 842