U.K.-based cloud accounting software maker FreeAgent is making its foray into the U.S. market with the purchase of Lightbank-backed financial forecasting software firm 60mo, whose team will be incorporated into FreeAgent’s new American division, FreeAgent Inc.
In addition to the acquisition, FreeAgent’s fortunes were boosted by a new investment from Lightbank, with new funds earmarked to allow FreeAgent to focus on establishing and growing its U.S. division in the coming months. Financial terms of the deal were not disclosed.
The new division aims to deliver cloud-based software to help freelancers and small businesses stay on top of their finances.
FreeAgent Inc. will be based in Chicago, and a dedicated U.S. version of the FreeAgent system will be launched in the coming months. The firm also plans to adapt the U.K. system’s tax forecasting and tax return-filing capabilities and incorporate these into the U.S. version of FreeAgent in the near future.
In addition, FreeAgent Inc. plans to explore new partnerships with banks and the accounting profession in the U.S.
“We are very pleased to announce this acquisition and new round of funding,” said FreeAgent CEO and co-founder Ed Molyneux. “We already provide the leading online accounting system in the U.K., which frees small business owners and freelancers from the complexity of operational tasks like invoicing clients or filing their tax returns. It’s never been more important for small businesses to stay on top of their money, and we’re committed to ‘democratizing accounting’ to make people feel smarter about their finances.”
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