Sage Software has acquired UK-based cash flow forecasting software firm Futrli. Financial terms of the deal were not disclosed.
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Sage Software Acquires Futrli
Futrli provides a forecasting tool for SMBs and accountants that helps them to understand current and future cash flow and provides data-driven three-way forecast financials (profit and loss, balance sheet and cash flow) using propriety prediction algorithms, according to Futrli.
Sage is an accounting, financial, HR, and payroll technology for small and medium-sized businesses (SMBs) and accountants. In July 2021, Sage launched 20 for 20, an accountant accelerator program designed to provide its partners with technology, business development services and education resources to grow and scale their business.
The Futrli acquisition expands Sage’s portfolio of solutions for SMBs and accountants as the industry prepares for the Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) initiative, a new way for self-employed business owners and landlords in the United Kingdom to report earnings and pay income tax, according to Sage.
Futrli will remain a standalone business and operate as ‘Futrli by Sage’, the companies said. The Futrli solution will be integrated with Sage for Accountants, helping accountants to combine workflows across their practice in one place, with a simple per-client pricing model. The solution will continue to be available to SMBs as a standalone product after the acquisition.
Sage Acquires Futrli: Supporting SMBs and Accountants
Hannah Dawson, CEO and founder, Futrli, commented on the news:
“For nearly a decade, we’ve had a sole focus of helping our customers to better manage their cash flow, which in turn helps them to make intelligent business decisions. We pride ourselves on our unique 3-way forecasting solution that allows accountants to tailor and personalise based on client or industry need. We couldn’t be more excited by the opportunity to scale our expertise and bring this to Sage customers.”
Neal Watkins, EVP product, Sage, added:
“At the heart of every successful business is strong cashflow management. Futrli will form an important role in the way we support accountants and their clients to gain the visibility needed to deliver great advisory services - all as part of our Sage for Accountants solution. I am delighted to welcome the Futrli team to the Sage family and look forward to achieving great things together.”