Tuesday, August 16, 2022 7:30 a.m.
THE SAGE Group, the UK’s largest technology company, has acquired Seattle-based software developer Lockstep as part of its ongoing efforts to capitalize on the rapid growth of cloud computing.
The takeover deal will see Sage – a major developer of accounting, HR and payroll technology – buy accounting software company Lockstep for an undisclosed sum.
In a statement, Lockstep said the combination agreement will allow it to access Sage’s resources in its efforts to “accelerate” its ambitions to become the “trusted” provider of accounting technology for small and medium-sized businesses.
Launched publicly in 2020, Lockstep employs 130 people in its work developing cloud services that automate accounting processes.
The Seattle software developer, which raised $10 million in funding in 2021, provides cloud computing services to more than 26,000 businesses.
The takeover is part of Sage’s plans to further capitalize on pandemic-related trends towards digitizing business processes.
Sage’s revenue has been buoyed in recent months by its cloud business as companies around the world continue to pour money into digital transformation projects to deliver on initiatives first launched during Covid-19 .
Earlier this month, the North Tyneside firm said its cloud computing division had driven its revenue up 9% to £1.3billion.
Lockstep Co-Founder and Managing Director Peter Horadan said: “Over the years it has become very clear that Lockstep and Sage have the same vision for the future of the industry.”
“This acquisition will provide Lockstep with the resources and global reach it needs to accelerate the development of connected accounting.”
Sage Chief Technology Officer Aaron Harris said, “The acquisition of Lockstep represents an important step in our growth strategy.
