Seattle accounting software launch Lockstep to be bought through The Sage Group

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Lockstep Lockstep, founded in Seattle, which sells software that automates business-to-business purchase and payments, announced on Tuesday that it would be acquired through Sage Group. Sage Group, a British multinational enterprise software firm which provides HR, payroll and finance services.

Established in the year 2019, Lockstep is a company that aims to automate to remove cash traps and leaks that result from the manual handling of books for companies. The company has more than 300 clients.

The Lockstep employees of 130 will join The Sage Group, which is traded publicly by the London Stock Exchange. Lockstep will continue to operate under its own brand.

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“Its diverse range of services, resources and expertise helps us to become the most trusted platform that is a trusted resource for SMBs,” Sage CTO Aaron Harris said in a statement.

The terms of the deal were not made public.

“Over the past few years, it is now evident the fact that Lockstep and Sage share the same idea of how to develop the business,” Lockstep CEO Peter Horadan made clear in an announcement.

Horadan had previously been an executive with the tax-automation company Avalara. Others who cofounded the company include Matthew Shanahan, Bill Henslee, and Scot Madill who left in the month of October.

Lockstep has collected $17 million from investors that include 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 Geoff Entress, the Managing Director as well as angel investors Ben Slivka, Lisa Slivka as well as Charles Fitzgerald.

Lockstep is ranked as No. at 124 in the Economic Pitch 200 Index of the top Pacific Northwest startups.

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