Tyneside software giant Sage has agreed to buy a Seattle-based firm that offers accounting products and services for small and medium-sized businesses.
Lockstep employs more than 130 people in the US and has a stable of products that aim to connect accounting teams and their systems, streamlining processes and improving cash flows. The undisclosed deal will see it bring its offer to the North Tyneside-based group.
Lockstep’s products include applications to automate accounts receivable and accounts payable tasks, and an API platform that allows third party developers to create connected services. Sage told investors of the move and said Lockstep’s platform is already home to more than 26,000 businesses.
Following the deal, which is expected to complete in September, Lockstep’s management team will join Sage to help drive the development of Sage’s digital network. The FTSE100 plc also said the move does not impact its recent financial guidance in which it said 2022 revenues are expected to grow between 8-9%.
Aaron Harris, chief technology officer at Sage, said: “The acquisition of Lockstep represents an important milestone in our growth strategy. Its complementary portfolio of products, resources, and know-how accelerates our ambition to be the trusted network for SMBs. Working together we will continue to knock down the barriers that limit CFOs and accounting teams by streamlining their workflows, improving productivity and efficiency, and enabling them to focus on more valuable, human work.”
Peter Horadan, chief executive officer of Lockstep, said: “Over the years it has become abundantly clear that Lockstep and Sage have the same vision for the future of the industry. Since inception, our mission has been to improve and transform the way companies do business with one another. Together with Sage, we look forward to accelerating the development of connected accounting which is imperative for accountants, finance teams and the companies they serve.”
