Sage has agreed to acquire Seattle-based cloud computing company Lockstep as part of its growth strategy to “broaden its value proposition” for SMBs and expand its digital network.
As part of the deal, Lockstep's management team will join Sage to help drive the development of its digital network.
Locksteps’ solutions including applications to automate accounts receivable and accounts payable workflows give CFOs more capabilities. At the same time, its API platform expands the ecosystem by enabling third parties to develop connected services.
Aaron Harris, chief technology officer of Sage, said: “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, CEO of Lockstep, added: “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.”
