Sage acquires Mateo financial software
Accounting, financial, HR and payroll technology firm Sage has acquired Mateo, a cloud-based savings and loan software system, from MAS Integrated Solutions. MAS’ integrated solutions help Roman Catholic diocesan organizations bring digital capabilities to their financial operations. Terms of the acquisition are not disclosed, according to a Sage spokesperson.
“Sage plans to keep existing operations in place and all customers have been transferred to Sage as part of the acquisition,” the spokesperson wrote in an email to The Nonprofit Times.
MAS Founder and CEO, Dean Michaud, joins the Sage Intacct product team. Other than that, the company does not share advice regarding personnel changes or product development, according to the spokesperson.
The acquisition is less about opening up new markets for Sage and more about expanding offerings for the nonprofit space, which is one of Sage’s biggest markets, according to the spokesperson. Sage will continue to target Roman Catholic diocesan organizations while expanding Mateo’s reach into other micro-segments of the nonprofit sector, including its current relationships within the faith-based segment. Sage primarily works with small to medium sized organizations.
“By automating processes and improving the information faith-based nonprofits need about their savings and loan programs, we are removing barriers to their growth and ensuring they can focus on results. that advance their missions,” said Dan Miller, Sage Executive Vice President for Sage. Intacct said in a statement.
The acquisition should be almost invisible to customers: Mateo was already integrated with the Sage Intacct cloud financial system.
“For more than half a decade, our focus has been solely on helping faith-based organizations digitally transform their operations and get the most out of their savings and loan programs,” Michaud said in a statement. “We couldn’t be more excited about the opportunity that our association with Sage provides us to grow our expertise and the reach of our Mateo software. We would never agree to work with an organization that did not share our commitment to the local faith community.