The Sage Group, the UK’s largest tech company and the world’s third largest supplier of accounting, HR, and payroll technologies to small and medium-sized businesses has acquired Seattle accounting software developer Lockstep.
The Sage Group is set to complete its acquisition of cloud computing company Lockstep by the end of next month, for an undisclosed sum, in line with plans to invest in its cloud computing offerings.
2019-founded Lockstep currently employs 130 people developing cloud computing services that automate accounting workflows between companies. It provides those services to more than 26,000 businesses, generating an estimated annual income of around $16.4m (£13.6m). It also raised $10m through a new funding round in February 2021, which it planned to use to triple the size of its development team and make key marketing and sales hires.
Aaron Harris, chief technology officer of 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.”
