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 assists Roman Catholic diocesan organization in bringing digital capabilities to their financial operations. Terms of the acquisition are not being 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 & CEO Dean Michaud is joining the Sage Intacct product team. Aside from that, the company is not sharing guidance regarding staff 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 largest markets, according to the spokesperson. Sage will continue to target Roman Catholic diocesan organizations while expanding Mateo’s reach into other microsegments within the nonprofit sector, including its current relationships within the faith-based segment. Sage primarily works with organizations in the small- to medium-sized range.
“By automating processes and improving insights that faith-based nonprofits need around their savings and loan programs, we are knocking down the barriers to their growth and ensuring they can focus on the outcomes that further their missions,” Dan Miller, Sage’s EVP for Sage Intacct said in a statement.
The acquisition should be nearly invisible to clients: Mateo was already integrated with the Sage Intacct cloud financial system.
“For over half a decade, we’ve had a sole focus on helping faith-based organizations digitally transform their operations and make the most of their savings and loans programs,” Michaud said in a statement. “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 organization which didn’t share our commitment to the local faith-based community.”