Sage Group PLC Sage to acquire Lockstep (1460W)
16 Agosto 2022 - 01:00AM
UK Regulatory
TIDMSGE
RNS Number : 1460W
Sage Group PLC
16 August 2022
Sage to acquire Lockstep
Acquisition drives accounting workflow automation for SMBs and
accountants
The Sage Group plc (FTSE: SGE), the leader in accounting,
financial, HR and payroll technology for small and mid-sized
businesses (SMBs), today announces that it has agreed to acquire
Lockstep, a provider of cloud native technology that automates
accounting workflows between companies. The acquisition of Lockstep
accelerates Sage's strategy for growth by broadening its value
proposition for SMBs and by expanding Sage's digital network.
Headquartered in Seattle, Washington (US) and employing over 130
colleagues, Lockstep develops products and services that streamline
accounting processes, allowing customers to save time, eliminate
human error and improve cash flows. Its solutions include
applications to automate accounts receivable and accounts payable
workflows, deepening Sage's capabilities in the office of the CFO,
while its API platform expands the ecosystem by enabling third
parties to develop connected services. Today the Lockstep platform
enables network connections into more than 40 different accounting
solutions, and over 26,000 businesses are already part of its
ecosystem.
The acquisition is aligned with Sage's ambition to be the
trusted network for SMBs. It accelerates the expansion of Sage's
digital network by enabling and enhancing connections between
businesses and their customers and suppliers. As part of the
transaction, Lockstep's highly experienced management team will
join Sage to help drive the development of Sage's digital
network.
The acquisition does not affect Sage's previously communicated
financial guidance and is expected to close by the end of
September.
Aaron Harris, Chief Technology Officer of Sage, commented:
"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,
commented:
"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."
Enquiries: Sage: +44 (0) 7807 702 113 FGS Global: +44 (0) 20 7251 3801
James Sandford, Investor Conor McClafferty
Relations
David Ginivan , Corporate Sophia Johnston
PR
About Sage
Sage exists to knock down barriers so everyone can thrive,
starting with the millions of small and mid-sized businesses served
by us, our partners and accountants. Customers trust our finance,
HR and payroll software to make work and money flow. By digitising
business processes and relationships with customers, suppliers,
employees, banks and governments, our digital network connects
SMBs, removing friction and delivering insights. Knocking down
barriers also means we use our time, technology and experience to
tackle digital inequality, economic inequality and the climate
crisis.
About Lockstep
Lockstep connects the world's accounting teams to help them work
better together. The pioneer in Connected Accounting, Lockstep
develops tools and platforms for fintech developers and accounting
teams to automate workflows between the accounting systems that are
at the heart of all businesses. For developers, Lockstep API is the
easy, modern platform for building fintech applications that work
with their customers' accounting systems. For accounting teams,
Lockstep's applications automate accounts receivable and accounts
payable workflows improving efficiency and cash flow. Based in
Seattle, Lockstep has won numerous awards including the 2022 BIG
Innovation Award and 2021 Top Cash Management Solution by CFO
Outlook.
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