Eight Years of Lucasys
A note from Lucasys founder, Vadim Lantukh
Eight years ago, regulated utilities had exactly one option for tax fixed asset software, and it was built in the '90s on client-server architecture. Today, dozens of utilities and asset-intensive companies trust Lucasys’ cloud-native, modern, and intuitive solutions.
This week marks our eighth anniversary as a company, and I want to take a moment to reflect on how we got here. The story isn't really about us. It's about the customers and the team who made every chapter possible.
Why we started
When we filed the incorporation paperwork for Lucasys on May 14, 2018, there was a simple thesis: tax and finance professionals in asset-intensive industries deserved better tools. The work these teams do is high-stakes. Fixed asset tax accounting drives billions in cash flow decisions, regulatory filings, and rate cases. The numbers matter. The deadlines matter. And yet, an entire industry of professionals was stuck with antiquated software from a previous generation.
We thought we could change that. Cloud-native architecture. A modern interface. Workflows built around how tax professionals actually work in 2018 - not 1998. That was the bet.
Building the foundation (2018–2021)
In 2019, we hired our first employees and shipped Deferred Tax 1.0. It was our first real product, and that year, we earned our first customers. That moment changed everything. Real utilities had bet on a startup's promise, and we owed them everything we had.
Then came 2020. We faced antitrust litigation that could have ended the company. I won't sugarcoat it. For stretches of that year and several years to come, survival was the only goal. But our team kept shipping, customers continued to adopt the software, and our team expanded. We believed in what we were building, and so did the customers who stuck with us through the uncertainty. Looking back, that period defined us. It taught us that conviction without execution is just hope, and that the right customers will stand with you when it matters most.
In 2021, we released our Tax Basis Balance Sheet application and grew the team to eight. It wasn't just a feature add - it was proof we could build a platform. One product was a starting point. Two products meant we were serious.
The expansion (2023–2025)
By 2023, we had grown to twelve people and released our Tax Depreciation application. What started as a deferred tax tool was now covering more of the tax close. Each new application deepened what we could do for customers - and just as importantly, reduced the number of disconnected systems they had to stitch together.
2025 was our inflection year. The litigation was settled in our favor, and we received $24M in proceeds. That capital let us double down on product. We released our Tax Provision application - the most ambitious thing we'd ever built - and grew the team to 20. With the Tax Provision application in place, Lucasys was no longer a point solution. It was a platform covering the full tax workflow.
We closed the year by announcing Agentic AI for the Lucasys platform - a glimpse of where the next era of tax software is headed.
Today
In 2026, we serve more than 30 customers, and our team is 40 strong.
From one customer and one product to a platform that covers the full tax workflow for some of the largest asset-intensive companies in the country. From five people building through a legal storm to a forty-person team shipping more product, faster, than at any point in our history.
Eight years. Six applications. 30+ customers. A team that's grown 8x. And we're just getting started.
Thank you to our customers
None of this happens without the companies and teams who took a chance on us - first when we were a handful of people with one product, and again every time we've asked you to trust us with something new. You shaped this product with your feedback, your patience, and your willingness to help us figure it out alongside you. The roadmap that brought us here was, in many ways, written by you.
A special thank you to AEP. You were one of our earliest customers. You bet on us when the bet was still a leap, and now you've expanded your use of the platform to four Lucasys applications. That kind of partnership isn't something we earned once; it's something we get the privilege of earning again every day. We're grateful for it.
What's next
Eight years in, we're more excited about the road ahead than the one behind us.
We have more new products and innovations on the way - built, as always, for the benefit of our customers. Every release, every feature, every line of code is in service of the same goal we set on day one: make the lives of tax and finance professionals measurably better. That's the only scoreboard that matters to us.
To our customers, our team, and the partners who've been part of this journey - thank you. Everything we build from here, we build because of you.
Eight years down. The best certainly lies ahead.