Sage, a technology provider for accounting, financial, HR and payroll departments at small- to medium-sized businesses (SMBs), on Thursday (May 12) said it had finalized its acquisition of U.K. cash flow forecasting software platform Futrli, in a company press release.
The deal allows Sage to offer proposal-to-advisory services ahead of the transition to Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), the press release said. Futrli focuses on helping growing businesses understand cash flow with data-driven three-way forecast financials (profit and loss, balance sheet, and cash flow) using propriety prediction algorithms.
The algorithms are based on data-analyzed historical trends, bringing together direct and indirect forecasting methods, using invoices, bills, journals, cash and payment data, according to the Sage press release.
As part of the acquisition, Futrli by Sage will be integrated with Sage for Accountants, giving accountants access to per-client pricing and combined workflows. Futrli by Sage will be available to SMBs as a standalone product.
Last month, Brex, which provides financial software and services to startups, acquired Pry Financials, a financial modeling platform that offers Excel-like applications, to simplify financial forecasting, budgeting, hiring and modeling cash-flow, for $90 million.