Sage, a technology provider for accounting, finance, HR and payroll services to small and medium-sized enterprises (SMEs), announced on Thursday (May 12) that it has completed its acquisition of UK cash flow forecasting software platform Futrli, in a corporate press release.
The agreement 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 is focused on helping growing businesses understand cash flow with data-driven three-way financial forecasting (income, balance sheet, and cash flow) using proprietary prediction algorithms.
The algorithms are based on historical trends analyzed by data, bringing together direct and indirect forecasting methods, using bills, invoices, logs, cash and payment data, according to Sage’s 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 for SMBs as a standalone product.
Related: FinTech Brex expands capabilities with acquisition of financial planning platform Pry
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.