Lockstep, a Seattle-based startup that sells software used to automate B2B purchase and payment accounting, announced on Tuesday that it would be acquired by The Sage Group, a British multinational enterprise software company that offers payroll services. , human resources and finance.
Founded in 2019, Lockstep aims to use automation to help eliminate cash traps and cash leaks that occur with human manipulation of company books. It has more than 300 customers.
Lockstep’s 130 employees will join The Sage Group, which is listed on the London Stock Exchange. Lockstep will retain its brand.
“Its complementary portfolio of products, resources and expertise accelerates our ambition to be the trusted network for SMBs,” Sage CTO Aaron Harris said in a statement.
The terms of the contract are not disclosed.
“Over the years, it has become very clear that Lockstep and Sage have the same vision for the future of the industry,” Lockstep CEO Peter Horadan said in a statement.
Horadan was previously an executive at tax automation company Avalara. Other co-founders include Matthew Shanahan, Bill Henslee and Scot Madill, who left in October.
Lockstep had raised $17 million to date from investors including American Express, Point72 Ventures, Clocktower Ventures, Revel Partners, SeaChange, Avalara CEO Scott McFarlane, Avalara co-founder Jared Vogt, the former Amazon head Jeff Wilke, Pioneer Square Labs managing director Geoff Entress, and angel investors Ben Slivka, Lisa Slivka and Charles Fitzgerald.
Lockstep is ranked #124 on the GeekWire 200, our index of the best startups in the Pacific Northwest.