Case Study

Winthrop Resources Corporation improves business productivity with LeaseWave

  • ICON Investments & LeaseWave

    Hana Park, Director of Operations

  • Winthrop Resources & LeaseWave

    Gary Anderson, CFO

  • ICON is a leading asset manager that provides innovative alternative investment products to individual and institutional investors through publicly registered programs, private funds and separately managed accounts. With more than 25 years of experience in the alternative asset management industry, ICON and its aliates have managed investments for more than 53,000 investors and made more than $3.9 billion in total investments.

    ICON markets ‘investment funds’, with various investment objectives, rules,parameters and other requisites. In addition to carrying out relatively complex ‘lease accounting’, ICON’s model requires sophisticated ‘fund accounting’.

  • Winthrop Resources Corporation, a wholly owned subsidiary of TCF Financial Corporation, leases technology equipment, healthcare equipment and point-of-sale devices. Its primary customers are mid-to large-sized businesses, generally spread out over multiple locations. Typical installations involve several hundred to several thousand individual assets installed at multiple locations over several months.

    Winthrop's approach to this market is to build long-term relationships with customers that provide opportunities for significant repeat business. This translates into individualized care for each customer, including customized documentation, customized asset build, installation and delivery process management, customized invoice formatting and individualized customer service.


Challenges

  • Provide a centralized platform to replace disparate legacy systems and support rapid business growth
  • Improve operations by reducing manual processes and temporary workarounds
  • Reduce risk of system ‘down time’

Solution

  • Implement LeaseWave to deliver one database source for all customer, lease and asset data
  • Build seamless integrations
  • Use LeaseWave to maintain a level of mission-critical, always-on performance

Results

  • Improved overall business productivity while simultaneously growing lease portfolio by 79%
  • Improved ability to integrate acquired businesses and portfolios into operations
  • Significantly reduced redundant data entry and errors
  • Improved systemic control over financial and other information
  • Removed obsolete applications and eliminated support from outside contractors