The Sage Group PLC (LSE:SGE) is buying Lockstep, a US-based provider of cloud native technology that automates accounting workflows between companies, for an undisclosed sum.
The accountancy software firm said the acquisition will broaden its offering to small and mid-sized businesses (SMBs) and expand its digital network.
Seattle-based Lockstep develops products and services that streamline accounting processes, allowing customers to save time, eliminate human error and improve cash flows. The Lockstep platform enables network connections into more than 40 different accounting solutions and over 26,000 businesses are already part of its ecosystem, Sage noted in a statement.
Lockstep's management team will join Sage to help drive the development of its digital network.
"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," said Aaron Harris, chief technology officer of Sage.
The company said the acquisition will not affect its financial guidance and is expected to close by the end of September.