The Sage Group has confirmed the purchase of the US startup Lockstepdedicated to B2B software for automation of payments and purchase operations. Founded in 2019 and headquartered in the city of Seattle, this company wants to use task automation to help eliminate money leaks and the problems that may arise due to the management of the accounting books, among others, of a business.
Lockstep is a provider of tcloud native technology developed to automate accounting workflows between companies. With its purchase, Sage accelerates its strategy of offering more value propositions to SMEs, in addition to expanding its digital network. It develops products and services that streamline accounting processes and enable its clients to save time, eliminate human error and improve cash flows.
Its solutions include applications to automate accounts payable and accounts payable workflows. In this way, Sage will be able to offer facilities to the CFOs. In addition, its API platform allows the development of services connected to third parties. Currently, the Lockstep platform enables the creation of network connections in more than 40 accounting solutions, and there are already some 26,000 companies that are part of its ecosystem.
It currently has more than 300 clients and 130 employees, who from the moment the purchase operation is closed will become part of the Sage Group staff. His management team will join Sage to help the company develop its digital network. However, Lockstep will continue to maintain its brand. The rest of the terms of the purchase agreement, which if all goes well will close at the end of September, are unknown. It is also not known how much Sage has paid for this startup.
Aaron Harris, CTO of Sagecommented on the operation that «represents an important step» in the group’s growth strategy. «Its complementary portfolio of products and resources, and its know-how, accelerate our ambition to be the trusted network for SMEs. Working together we will continue to break down the barriers that limit CFOs and accounting teams by streamlining their workflows, improving productivity and efficiency, and allowing them to focus on more valuable human work.«.
As to Peter Horadan, CEO of Lockstephas pointed out that «Lockstep and Sage have the same vision for the future of the sector. Since inception, our mission has been to improve and transform the way companies do business with each other. 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.«.
