The amount of the investment went undisclosed.
The funding, however, stands as IGM’s “first institutional capital raise,” according to a statement, with the money set for “investments in products and operations.”
IGM offers a technology platform called Gravity. Governments, along with other organizations, use Gravity for regulatory and transparency compliance, with the company’s technology also helping out on related jobs such as budget management, lease accounting and account reconciliation.
In the statement, IGM said that it is enjoying “significant revenue growth” thanks to clients using the company’s management, budgeting and reporting software.
“At the core of Gravity is a complex multidimensional financial model, which enables our clients to instantaneously build automated financial reports and budget books that are of professional publisher quality and to comply with complex and evolving regulatory standards,” IGM Technology founder and CEO Isaac Gleicher said in the statement.
Lead Edge Capital describes itself as a growth equity firm that focuses on software, Internet and other tech-heavy businesses. The New York firm has invested in such companies as China-based e-commerce heavyweight Alibaba Group and e-signature supplier Yousign.
In the equity firm’s view — reflected in other areas of government technology that are attracting investment from similar quarters — IGM’s products offer public agencies the chance to upgrade budgeting and reporting processes. That digital transition all but promises a steady, reliable revenue stream to those investors.
“IGM is addressing a critical and underserved market where thousands of government agencies and organizations with complex reporting requirements are currently using in-house or manual processes,” said Dan Lynn, partner at Lead Edge Capital, in the statement.
In the wake of this deal, Paul Colangelo, a gov tech veteran, will join the IGM board as non-executive chairman.
Atlas Technology Group acted as exclusive financial adviser to IGM Technology on the transaction. Shea & Company served as exclusive financial adviser to Lead Edge Capital.
