UK-based cloud accounting software company FreeAgent has acquired finance-tracking startup 60mo. The U.S. startup’s team will be incorporated into FreeAgent’s new American division. FreeAgent has also received an additional, undisclosed investment from Lightbank, which also was an investor in 60mo. This is Lightbank’s first international investment, says the firm’s partner Paul Lee.
60mo, which we’ve covered here, is an online service that helps businesses manage their finances by importing data from QuickBooks, FreshBooks, and a variety of financial institutions like Bank of America, Chase, and American Express. Once the data is in the system, you can use 60mo to create financial projections, manage your business’s budget and share the data with your accountant or investors — it’s sort of like a Mint for businesses.
FreeAgent will be leveraging 60mo’s expertise in the U.S. accounting software market to adapt its own cloud-based online accounting system specifically for American users. FreeAgent is an accounting SaaS that is designed specifically for freelancers, independent workers, and small businesses.
The company says a dedicated U.S. version of the FreeAgent system will be launched in the coming months. The firm also plans to adapt the UK system’s tax forecasting and tax return-filing capabilities and incorporate these into the U.S. version of FreeAgent in the near future.
Since its launch in 2007, FreeAgent has steadily been accumulating a loyal customer base. The company started 2011 with 4,000 paying subscribers, and finished with 16,000 paying customers.