Lockstep
The business, the turning points, and the decisions behind them.
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Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Lockstep (founded 2019, Seattle) built 'connected accounting' software — automating the accounting workflows that happen between companies. Its applications automated accounts receivable and accounts payable (including a free inbox solution for accounting staff to automate customer and vendor workflows in a single app), and its Platform API enabled third parties to build financial and accounting applications. By 2022 its platform connected into 40+ accounting solutions with an informal digital network of over 26,000 companies; it had 130 employees and had raised $17 million.
02 / FAILURE REASONS
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03 / EVENT HISTORY
Events in the structured record
- Founded
Founded in Seattle by Peter Horadan (CEO, ex-Avalara) with co-founders Matthew Shanahan, Bill Henslee and Scot Madill.
- Public launch
Lockstep launched publicly in October 2020; it closed a $10 million Series A in February 2021.
- Acquired by Sage
On August 16, 2022 Lockstep announced it had signed an agreement to be acquired by The Sage Group (FTSE: SGE), the British accounting/HR software company, for undisclosed terms. Sage said the acquisition broadened its SMB value proposition and accelerated its ambition to become the trusted network for SMBs. Lockstep's 130 employees and management team joined Sage; the Lockstep brand was retained.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
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