Lockstep, a Seattle-based startup that sells software program used to automate the accounting of B2B purchases and funds, mentioned Tuesday it is going to be acquired by The Sage Group, a British multinational enterprise software program firm that provides payroll, HR, and finance providers.
Based in 2019, Lockstep goals to make use of automation to assist get rid of the money traps and money leaks that happen via the human dealing with of firm books. It has greater than 300 prospects.
Lockstep’s 130 staff shall be becoming a member of The Sage Group, which is publicly traded on the London Inventory Change. Lockstep will retain its model.
“Its complementary portfolio of merchandise, sources, and know-how accelerates our ambition to be the trusted community for SMBs,” Sage CTO Aaron Harris mentioned in a press release.
Phrases of the deal weren’t disclosed.
“Over time it has change into abundantly clear that Lockstep and Sage have the identical imaginative and prescient for the way forward for the trade,” Lockstep CEO Peter Horadan mentioned in a press release.
Lockstep had raised $17 million so far from traders together with American Specific, Point72 Ventures, Clocktower Ventures, Revel Companions, SeaChange, Avalara CEO Scott McFarlane, Avalara co-founder Jared Vogt, former Amazon exec Jeff Wilke, Pioneer Sq. Labs Managing Director Geoff Entress, and angel traders Ben Slivka, Lisa Slivka, and Charles Fitzgerald.
Lockstep is ranked No. 124 on the GeekWire 200, our index of prime Pacific Northwest startups.