Recommended Free Tools
Some links on this page are affiliate links: if you buy through them we may earn a commission, at no extra cost to you.
The Seattle startup described as the “LinkedIn of accounting” was Lockstep, a company building software to connect businesses, accounting systems, and finance workflows. Amex Ventures invested in it, and Lockstep raised $17 million in total. But it did not remain independent: Sage agreed to acquire it in August 2022, and the technology was later folded into Sage Network.
What Lockstep was building
Founded in 2019 in the Seattle area, Lockstep focused on business-to-business accounting operations rather than consumer bookkeeping. CEO Peter Horadan and co-founders Matthew Shanahan, Bill Henslee, and Scot Madill set out to reduce the manual work that occurs when companies exchange invoices, payment details, and other financial information. GeekWire reported that Madill had left the company before its May 2022 profile. (GeekWire, May 2022)
The problems Lockstep targeted included customer and vendor onboarding, credit decisions, invoicing, dispute resolution, reconciliation, accounts receivable (AR), and accounts payable (AP). In many businesses, those tasks involve moving information between incompatible accounting systems and chasing responses through email, PDFs, and spreadsheets. Lockstep’s goal was to give companies a connected workflow layer around their accounting software, not replace every underlying ledger.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Horadan positioned accounting as a function that had not received the same dedicated software attention as sales, HR, marketing, customer success, or IT. That was Lockstep’s market argument, not an independent measure of how modern those departments were. Its opportunity was to make intercompany financial work less manual, improve visibility into cash and collections, and connect different accounting systems.
What “LinkedIn of accounting” meant
The analogy described Lockstep Network, a free network intended to connect businesses with their customers, suppliers, accountants, and accounting systems. It was not primarily a professional-profile site for resumes, recruiting, or posts. The premise was that each connected company could make the network more useful to the others by enabling information and workflows to move between them.
Free entry was also a product-led growth strategy: a business could join without first buying a large enterprise software package. Lockstep hoped that broad participation would encourage use of its paid workflow products and developer tools. The trade-off is that a growing network does not by itself establish how many participants pay, whether integrations offer equal functionality, or how the network is monetized.
Lockstep’s products and their Sage successors
By May 2022, Lockstep’s product approach included a business network, shared accounting communications, workflow automation, and developer connectivity. Sage later mapped several acquired products into Sage Network. The names and functions Sage announced in May 2023 were:
Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Rank #2
| Lockstep product | Sage Network identity | Purpose described by Sage |
|---|---|---|
| Lockstep API | Sage Network API | Developer platform for connected accounting applications |
| Lockstep Inbox | Sage Inbox | Shared inbox connecting email and accounting software |
| Lockstep Self Service | Self Service | Customer and vendor access to statements, invoices, and transaction history |
| Lockstep Receivables | AR Automation | Accounts-receivable and payment workflow automation |
In its 2022 coverage, GeekWire also described Lockstep Inbox as a shared place to manage accounting emails, phone calls, and tasks while integrating with existing accounting software. The products addressed different pieces of the workflow: the network connected participants, Inbox organized communications, AR/AP tools supported finance operations, and the API let developers connect applications to accounting systems. (GeekWire; Sage, May 2023)
Automation can reduce repeated entry and follow-up, but it does not make every accounting problem disappear. Disputed invoices, partial payments, unusual credit terms, incorrect source records, and reconciliation exceptions may still need human judgment. A shared inbox can organize work without correcting errors in the underlying accounting system, and access to financial information requires careful permissions and auditability.
Why Amex Ventures invested
Amex Ventures, American Express’s venture arm, made a strategic investment in Lockstep in 2021. GeekWire reported the amount as $2.5 million in May 2022; the original investment announcement had not disclosed it. With that investment, Lockstep’s reported total funding reached $17 million. (GeekWire)
Rank #3
Lockstep had raised a $10 million Series A in February 2021, led by Point72 Ventures with participation from Clocktower Ventures and Revel Partners. Other named backers included SeaChange, Avalara CEO Scott McFarlane, Avalara co-founder Jared Vogt, former Amazon executive Jeff Wilke, Pioneer Square Labs Managing Director Geoff Entress, and angel investors Ben Slivka, Lisa Slivka, and Charles Fitzgerald. GeekWire’s acquisition coverage also reported the $17 million total. (GeekWire, August 2022)
The strategic fit with American Express is plausible because Lockstep worked on invoices, receivables, reconciliation, and other financial operations surrounding business payments. Investing could give Amex exposure to that software infrastructure. The available announcements confirm the investment, but do not establish a specific Amex product integration, distribution deal, or plan to acquire Lockstep.
How big Lockstep was—and what the figures count
Lockstep’s reported scale changed over 2022, and its customer and network figures describe different populations. In May, GeekWire reported more than 120 employees and more than 20,000 customers. At the August acquisition announcement, Sage described more than 130 employees, connections into more than 40 accounting solutions, and more than 26,000 businesses in the ecosystem. GeekWire’s acquisition report separately said Lockstep had more than 300 customers. (GeekWire, May 2022; Sage, August 2022; GeekWire, August 2022)
Those numbers should not be combined into a single count. A business participating in a network may not be a direct paying customer, and the sources do not define the May “customers” figure in a way that reconciles it with the acquisition report’s count. Likewise, a connection to an accounting solution does not establish that every Lockstep feature worked identically with every system.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Sage acquired Lockstep in 2022
Sage announced an agreement to acquire Lockstep on August 16, 2022. Its financial reporting records completion on August 30 and says Sage acquired 100% of Lockstep Network Holdings Inc. for total acquisition-date consideration of £80 million: £76 million in cash, £3 million in deferred consideration, and £1 million in holdback consideration. Sage reported a net cash outflow of £75 million after cash acquired. The initial announcement did not disclose a price; the later financial reporting supplied the consideration figures. (Sage acquisition announcement; Sage FY2022 results)
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsIn May 2023, Sage said it would rebrand and incorporate Lockstep products into Sage Network. The acquisition gave Sage technology and a connected-accounting strategy to build on, while ending Lockstep’s independent-company trajectory under its own brand. It does not, by itself, prove that Lockstep had already achieved its original ambition to become a broad, standalone accounting network. (Sage, May 2023)
Best Value
Lockstep’s status now
As of August 2026, Lockstep is not an independent startup in the form described by the 2022 headline; its products have been incorporated into Sage Network. Sage’s developer endpoint still identifies itself as “Lockstep API” and displayed production version 2026.16.13.0 when reviewed on August 18, 2026. That endpoint branding is evidence of continuing API infrastructure, not of a separate Lockstep company. (Sage-hosted API endpoint)
For a business or developer evaluating the technology today, the relevant question is whether Sage Network’s current products support the desired accounting system, workflow, and access requirements—not whether Lockstep remains available as a separate startup. Sage’s public rebrand announcement establishes the product lineage, but does not establish current packaging, compatibility, or pricing for each product.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
