Accounting management platform
With this acquisition, Sage now sports a full expense management solution, which Dan Miller, Sage executive vice president of financials and ERP, said had long been a major pain point for customers considering how time-consuming and manual it could be. Fyle was an attractive purchase because it offers features like unique real-time notifications on transaction spend as well as an intuitive end-user experience (namely, the ability to to submit and reconcile expenses with a simple text.)
"Big picture, however, Fyle is a great addition to our AI-driven network — we are creating an ecosystem of AI-driven products that free up time and resources so SMB and financial leaders can spend more time on matters of high performance and business growth — and Fyle helps us deliver on that," said Miller in an email.
All Fyle employees are now Sage colleagues and will be aligned with their craft expertise in Sage, he continued. Fyle's CEO and CTO will continue to serve in leadership positions within Sage.
Fyle remains an open product for now, so this acquisition does not change the experience for Fyle users in any way — they do not need to take any action. He added, though, that Fyle is a long-time Sage partner through the Sage Intacct Marketplace, and its capacities are already available within Sage Intacct and Sage 300 CRE. Over time, the solution will seamlessly integrate into the broader Sage ecosystem. Sage will work with Fyle's leadership to eventually rebrand it to a Sage solution, while "keeping in mind that Fyle is a well-loved solution, and any rebranding should continue to build on the equity we've created with their customer base."
Yashwanth Madhusudan, CEO and co-founder of Fyle, said the acquisition makes sense given the company's longtime relationship with Sage.
"Our mission has always been to make expense management intuitive -— so that our users never have to actively think about the task in any meaningful way, and so that their finance departments have the data transparency and assurance they need during close. As a longtime partner of Sage, we know the company shares our focus on delivering great software experiences, and we are excited about the collective impact we can have on the financial operations of SMBs — who are 90% of the global economy," he said in a statement.
Fyle will continue to integrate with third-party accounting and financial systems. Within the Sage ecosystem, Fyle already integrates with Sage Intacct and Sage 300 Construction and Real Estate, with broader rollouts planned across North America and beyond in the near term.
