Lockstep, a Seattle-based startup that sells software used to automate the accounting of B2B purchases and payments, said Tuesday it will be acquired by The Sage Group, a British multinational enterprise software company that offers payroll, HR, and finance services.
Founded in 2019, Lockstep aims to use automation to help eliminate the cash traps and cash leaks that occur through the human handling of company books. It has more than 300 customers.
Lockstep’s 130 employees will be joining The Sage Group, which is publicly traded on the London Stock Exchange. Lockstep will retain its brand.
“Its complementary portfolio of products, resources, and know-how accelerates our ambition to be the trusted network for SMBs,” Sage CTO Aaron Harris said in a statement.
Terms of the deal were not disclosed.
“Over the years it has become abundantly 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, former Amazon exec Jeff Wilke, Pioneer Square Labs Managing Director Geoff Entress, and angel investors Ben Slivka, Lisa Slivka, and Charles Fitzgerald.
Lockstep is ranked No. 124 on the GeekWire 200, our index of top Pacific Northwest startups.