Sage acquires Lockstep as it looks to drive workflow automation for SMBs

Sage says the buy is to bolster its aim to be "the trusted network for SMBs" in the UK

Sage has struck a deal to acquire Lockstep as it looks to "broaden its value proposition" for SMBs and accelerate the expansion of its digital network.

Lockstep is a provider of cloud native technology that automates accounting workflows between companies.

It is headquartered in Seattle and has more than 130 employees.

As part of the transaction, Lockstep's management team will join Sage to help drive the development of its digital network.

"The acquisition is aligned with Sage's ambition to be the trusted network for SMBs," the UK- based ERP software vendor said in a statement.

"The acquisition of Lockstep accelerates Sage's strategy for growth by broadening its value proposition for SMBs and by expanding Sage's digital network."

It says Lockstep's solutions including applications for account receivable automation gives CFOs more capabilities, while its API platform expands the ecosystem by enabling third parties to develop connected services.

Sage also claims the move benefits its digital network by enabling and enhancing connections between businesses, their customers and suppliers.

The acquisition is expected to close by the end of September.

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."

Peter Horadan, CEO of Lockstep, added that the two companies 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," he said.

"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."