Lockstep, a Seattle-based startup that sells software program used to automate the accounting of B2B purchases and funds, stated Tuesday it will likely be acquired by The Sage Group, a British multinational enterprise software program firm that gives payroll, HR, and finance providers.
Based in 2019, Lockstep goals to make use of automation to assist remove the money traps and money leaks that happen via the human dealing with of firm books. It has greater than 300 clients.
Lockstep’s 130 workers shall be becoming a member of The Sage Group, which is publicly traded on the London Inventory Trade. Lockstep will retain its model.
“Its complementary portfolio of merchandise, assets, and know-how accelerates our ambition to be the trusted community for SMBs,” Sage CTO Aaron Harris stated in an announcement.
Phrases of the deal weren’t disclosed.
“Through the years it has turn into abundantly clear that Lockstep and Sage have the identical imaginative and prescient for the way forward for the business,” Lockstep CEO Peter Horadan stated in an announcement.
Horadan was beforehand an govt at tax automation firm Avalara. Different co-founders embrace Matthew Shanahan, Invoice Henslee, and Scot Madill, who left in October.
Lockstep had raised $17 million to this point from buyers together with American Categorical, 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 buyers Ben Slivka, Lisa Slivka, and Charles Fitzgerald.
Lockstep is ranked No. 124 on the Startup 200, our index of prime Pacific Northwest startups.