September 28, 2005
FundGuard LLC, the North Andover, MA-based lease funding provider has chosen LeaseWave© to run its portfolio and to take its business relationships online. FundGuard provides a unique solution to a well-known market problem - access to small-ticket lease funding for independent lessors. FundGuard's business model uses the power of the Internet to let independents stay independent while gaining the efficiencies available only to large portfolio companies. It also opens the door to significant opportunities for lease portfolio investors and lenders. To realize this complex business model, FundGuard has selected LeaseWave©, Odessa Technologies, Inc.'s Internet-based lease management system.
FundGuard's innovative business-model has made national finance local by using the Internet to create a truly integrated information resource for all the players in the small-ticket leasing market. FundGuard's physical facility for storage of active lease documents and full cash management becomes a single physical audit point for lenders, lessors, and investors; national lending programs can be operated without the cost and overhead of multiple offices and multiple audit staffs. The model streamlines the lease portfolio management process by bringing all the information needed to manage a portfolio into one place available from anywhere, eliminating the need for transfer of data from lessor to lender. Portfolio investors are given a powerful way to access the attractive yield and asset diversification opportunities of the small-ticket leasing market. They can define their yield, control credit work, reduce acquisition costs and access a stable flow of assets on a scheduled basis.
"After searching the market with a fine-tooth comb, we realized that Odessa Technologies provided the only solution that truly harnessed the power of the Internet; in fact, it was the only Internet-based solution available," says Cam Mears, CEO of FundGuard. "Additionally, LeaseWave© is market-tested and will enable us to quickly deliver a top-quality Internet-based service, Odessa Technologies has significant expertise in the US leasing market, and has developed a comprehensive system that is very user-friendly." LeaseWave©, built on the Microsoft .NET platform, comprehensively covers lease accounting and asset management. It connects the lessor with all its business partners including with lessees, funding sources, portfolio investors, vendors, brokers, sales reps, etc., through exclusive web-portals. This design makes it a good fit for the complexities of FundGuard's business model. "Most competing systems have their origins 10 or even 20 years ago, built at a time when the Internet was barely known. But the relevance of the Internet has rapidly changed. Nearly every bank and every Fortune 500 company today has a serious Internet-strategy. LeaseWave© provides a tremendous opportunity for leasing companies to do the same," says Madhu Natarajan, CEO Odessa Technologies, Inc.
FundGuard is an innovative program that brings together originators, short-term lenders, and portfolio investors in a secure, quality-controlled environment. Based on established business practices, FundGuard provides manual administration, centralized document archiving, and a web-based portfolio management system. Through the FundGuard program, participants realize effeciencies usually available only to large integrated finance companies. The program establishes a clear set of standards for all participants, including lessors, bankers and portfolio buyers. Through real-time connection between parties in the leasing process, centralized control of servicing and full transparency, the model isn't merely a portal into the leasing market but provides the foundation of an entirely new, Internet-powered approach to small-ticket lease portfolio funding.
Odessa Technologies, Inc. is a software company located in Philadelphia, PA, with a sole focus in building and marketing software solutions to the leasing industries. The LeaseWave© suite is its fully-integrated family of products that cater to various parts of the leasing operations, providing an end-to-end solution that is fully Internet-based. Furthermore, recognizing that each business is unique, the LeaseWave© suite has been engineered, specifically, to be customizable. Designed using cutting-edge technology and sound functional expertise, LeaseWave© can be custom–built to fit around the unique needs of each lessor. While not every client requires customization, the LeaseWave© suite is flexible to cater to even the most complex of business models, as evidenced by its strong customer base. LeaseWave© is the only end–to–end system that is fully Internet–based. Its technology as well as its ability to be customized easily differentiates it from competing products.