Lockstep

Lockstep provides cloud-native technology that automates accounting workflows between companies. Founded in 2019 by Peter Horadan, Matthew Shanahan, Bill Henslee, and Vivek A G, the Seattle-based company aims to streamline processes for accounts receivable (AR) and accounts payable (AP) departments. The platform is designed to connect accounting teams, improve cash flow, and eliminate manual tasks by automating the synchronization of financial data between business-to-business trading partners.

The company's CEO, Peter Horadan, was previously an executive at tax automation company Avalara. Matthew Shanahan, another co-founder, served as the Chief Strategy Officer. Lockstep launched publicly in October 2020 and secured a $10 million Series A funding round in February 2021, with total funding reaching $17 million from investors like American Express Ventures, Point72 Ventures, and Clocktower Ventures.

Lockstep's product suite includes applications for automating AR and AP workflows and an API platform that enables third-party developers to create connected fintech applications. The platform integrates with over 40 different accounting and ERP solutions, creating a network of more than 26,000 businesses. In August 2022, The Sage Group, a multinational enterprise software company, announced its acquisition of Lockstep to expand its digital network and broaden its value proposition for small and mid-sized businesses (SMBs). Following the acquisition, Lockstep's management team and its more than 130 employees joined Sage to continue developing the 'Connected Accounting' vision.

Keywords: connected accounting, accounts receivable automation, accounts payable automation, B2B payments, accounting workflow, financial technology, cash flow management, invoice processing, API platform, fintech developers, accounting software integration, SMB finance, Sage Network, Peter Horadan, Matthew Shanahan, AR automation, AP automation, digital network, accounting collaboration, financial operations