Accounting software giant Sage has acquired Mateo cloud savings and loan software from US-based MAS Integrated Solutions.
Mateo, a specialist cloud-based savings and loans software designed to help Roman Catholic diocesan organisations, is already integrated with Sage's financial management system, Sage Intacct.
The deal, the value of which remains undisclosed, means MAS Integrated Solutions founder and CEO Dan Michaud will join Sage.
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Dan Miller, Sage’s EVP for Sage Intacct, said: “The acquisition of Mateo is a natural fit for our vertical strategy and will enable us to deliver added value to organisations in the non-profit sector – one of the key vertical markets for Sage.
“By automating processes and improving insights that faith-based non-profits need around their savings and loan programmes, we are knocking down the barriers to their growth and ensuring they can focus on the outcomes that further their missions."
Mr Michaud added: “For over half a decade, we’ve had a sole focus on helping faith-based organisations digitally transform their operations and make the most of their savings and loans programmes.
“We couldn’t be more excited about the opportunity that joining with Sage will provide in scaling our expertise and the reach for our Mateo software. We would have never agreed to work with an organisation which didn’t share our commitment to the local faith-based community.”
