The Sage Group, the UK’s largest tech company, has acquired Seattle accounting software developer Lockstep.
Founded in Newcastle in 1981, Sage is the world’s third biggest supplier of accounting, HR, and payroll technologies to small and medium-sized businesses.
The deal is set to see The Sage Group complete its acquisition of cloud computing company Lockstep by the end of next month in line with plans to invest in its cloud computing offerings.
The Sage Group is seeking to capitalise on pandemic related trends towards digitalisation of business processes.
Lockstep currently employs 130 people in its work developing cloud computing services that automate accounting workflows between companies and providing those services to more than 26,000 businesses.
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.”
Lockstep chief executieve Peter Horadan, 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.”
The post The Sage Group snaps up Seattle software developer Lockstep appeared first on CityAM.
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