FreeAgent begins US roll-out with Chicago acquisition
Deal funded by venture capital firm Lightbank
FreeAgent, an Edinburgh-based provider of online accounting technology, has begun a period of expansion in the American market by acquiring Chicago financial tracking start-up 60mo.
The acquisitor has funded the deal using investment from Lightbank, the US venture capital firm which was also a key backer of 60mo prior to the deal. Although the value of the deal has yet to be disclosed, FreeAgent has confirmed that 60mo’s team and technology will be incorporated into its brand-new American division, FreeAgent Inc. The acquisitor will utilise the vendor’s profile, and customer base, to roll out its own cloud-based accounting technology, which has been designed with the American market in mind. Ed Molyneux, CEO and co-founder of FreeAgent, said: “We already provide the market-leading online accounting system in the UK, which frees small business owners and freelancers from the complexity of operational tasks like invoicing clients or filing their tax returns. “I’m delighted that we are being joined by an expert team with a wealth of knowledge in the US accounting software market, together with the tremendous boost of having Lightbank on board.” Molyneux added that, “as FreeAgent Inc. grows, we intend to invest even more in our US operations. “We envision creating new jobs and extending our lead as the best online accounting system on both sides of the Atlantic.”