ATLANTA, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Lucasys Inc, the leading provider of cloud tax software for North American utilities and energy companies, celebrates a milestone moment in business growth by signing its 21st customer. The 21 electric, gas, and water utilities who trust Lucasys to manage their tax fixed asset processes represent more than $600 billion of fixed assets. Utilities around the country are transitioning away from legacy tax software to Lucasys Tax, signaling a growing trend in the utility industry.
Lucasys is built to streamline the evolving demands of utility professionals, making the shift to Lucasys Tax a natural choice for industry leaders. With implementation projects completed in as little as 4 weeks, the Lucasys team ensures a seamless and hassle-free transition.
“Reaching our 21st customer marks a significant milestone for Lucasys, reflecting the growing trend of utilities making the switch from legacy systems to Lucasys Tax. The future looks bright for our customers and the entire utility industry, and we’re excited to continue delivering best-in-class solutions."
-Vadim Lantukh, Co-Founder and CEO of Lucasys
Lucasys leadership attributes marketplace momentum to a number of factors, including its robust enterprise-grade software solutions, best-in-class support with deep industry expertise, and the recent settlement of Lucasys’ legal claims against PowerPlan.
The strength of Lucasys software lies in its intuitive design and automation capabilities. By leveraging modern technological innovations in data structures, processing routines, and application workflow, Lucasys software provides better functionality at scale than other alternatives.
Behind Lucasys' innovative solutions is a team of industry veterans with extensive business, technology, and regulatory experience. The Lucasys team, including co-founders Vadim Lantukh (CEO), Daniel Chang (COO), and Stephen Strang (CTO), brings decades of industry expertise in finance, technology, and consulting. Their combined experience ensures that Lucasys not only delivers cutting-edge software but also provides unparalleled support and industry insights to its clients.
Lucasys' commitment to excellence is further demonstrated by its responsive support and continuous improvement efforts. The company works closely with its customers, incorporating their feedback into product development to ensure that the solutions remain aligned with evolving industry needs.
Among the factors bolstering Lucasys’ momentum in the marketplace is the recent news of antitrust litigation settlement with Roper Technologies subsidiary, PowerPlan. To settle all outstanding claims, PowerPlan paid Lucasys $24 million. As part of the binding settlement, which is not confidential, PowerPlan has agreed to “not engage in any retaliation, retribution, or discrimination against any PowerPlan customer for doing business with Lucasys or any vendor of such customer”. The settlement agreement in its entirety can be found here.
Lucasys sued PowerPlan on July 17, 2020 for violations of Federal antitrust law, contract interference, malicious interference, defamation, and sham trade secret assertions (Case Number 1:20CV02987 filed in the United States District Court for the Northern District of Georgia). In exchange for the terms in the binding settlement agreement, Lucasys has agreed to drop its litigation against PowerPlan for engaging in its anticompetitive campaign against Lucasys in furtherance of its monopoly.
Lucasys looks forward to welcoming additional utilities as customers, accelerating its market share momentum, and continuing to provide exceptional value for its customers.
About Lucasys
Lucasys delivers software and technology-enabled services to empower finance, accounting, and tax professionals in asset-intensive industries to optimize the financial performance of their fixed assets and proactively meet changing regulatory and compliance requirements. With a core focus on rate-regulated utilities, Lucasys provides the industry and domain expertise utilities require to meet their business objectives. To learn more about Lucasys, visit https://www.lucasys.com or follow us on LinkedIn.
Contact: Thomas Ferguson, CMO, Lucasys 1-844-582-2797 contact@lucasys.com
