FTSE 100 software group Sage buys Seattle-based tech firm Lockstep

Sage has bought a Seattle-based tech firm as it seeks to expand.

The FTSE 100 software group has snapped up Lockstep – which provides products and services to help firms streamline their accounting processes – for an undisclosed sum.

The acquisition is expected to be completed by the end of next month, with Lockstep’s management joining Sage to help drive the firm’s digital network.

FTSE 100 software group Sage has snapped up Lockstep – which provides products and services to help firms streamline their accounting processes – for an undisclosed sum

Buying Lockstep ‘represents an important milestone in our growth strategy’, said Sage’s chief technology officer Aaron Harris.

Sage shares fell 0.75 per cent, or 5.6p, to 738.2p yesterday.

The takeover of a US company by a British buyer stood in contrast to a recent wave of foreign takeovers of UK companies.

Clothing chain Ted Baker yesterday agreed to a cut-price £211million offer from Authentic Brands Group, the US owner of Reebok, after putting itself up for sale in April and rejecting previous bids.

And cybersecurity group Darktrace is in talks with Chicago-based private equity firm Thoma Bravo regarding a possible takeover bid.