Business giant Sage purchases expense management system Fyle platform
In a move to enhance automation and AI-driven workflows across accounting, finance, HR, and payroll operations, finance ERP provider Sage has announced the acquisition of expense management platform Fyle.
The acquisition of Fyle, which made its platform debut at our platformFall 2023, will enable Sage to integrate Fyle’s AI-powered, card-agnostic expense management technology. This integration will provide real-time spend notifications, simplify expense submission and reconciliation, and deliver data transparency and assurance during financial closes.
Key benefits of the acquisition include:
- Automation of financial workflows: Fyle’s technology leverages AI to automate repetitive tasks in expense management, helping accounting and finance teams focus on higher-value activities.
- Real-time transaction monitoring: Fyle offers real-time notifications about expense data, enabling faster reconciliation and more accurate financial tracking.
- Simplified user experience: End users can easily submit and manage expenses via simple interactions like text messages, reducing the manual effort involved.
- Improved data transparency: Finance departments gain better visibility into expense data, reducing inaccuracies and preventing spend leakage.
- Expansion of Sage’s ecosystem for SMBs: The integration strengthens Sage’s product offerings to small and medium businesses by providing AI-powered tools that streamline end-to-end expense workflows, potentially improving operational efficiency and financial control.
Sage EVP Financials and ERP, Dan Miller, expects financial leaders to play more strategic roles in 2025 and seeks high-performance edges. The acquisition of Fyle aligns with this vision, positioning Sage to offer a more intelligent, seamless experience for managing expenses and related workflows, contributing to time savings and enhanced financial oversight across multiple business functions.
Fyle's CEO and Co-Founder, Yashwanth Madhusudan, stated that Sage shares their focus on delivering great software experiences. Post-acquisition, Fyle will continue to integrate with third-party accounting and financial systems. A broader rollout of the Fyle technology throughout North America and beyond is planned.
The photo in this article is by Paulina S. on Unsplash.
[1] Sage. (n.d.). Press release: Sage acquires Fyle. https://www.sage.com/en-us/about/news-and-events/press-releases/sage-acquires-fyle [2] Fyle. (n.d.). Press release: Fyle debuts at platformFall 2023. https://www.fyle.com/press-releases/fyle-debuts-at-platformfall-2023 [3] Fyle. (n.d.). What is Fyle? https://www.fyle.com/what-is-fyle [4] Fyle. (n.d.). Fyle integrates with your existing systems. https://www.fyle.com/integrations [5] Fyle. (n.d.). How Fyle works. https://www.fyle.com/how-it-works
- The acquisition of Fyle's expense management platform by finance ERP provider Sage will not only automate financial workflows in business operations, but also facilitate real-time transaction monitoring and data transparency, all of which are essential for the strategic roles financial leaders are expected to play in 2025.
- Sage's acquisition of Fyle signifies an expansion of their ecosystem for small and medium businesses, as the AI-powered tools integrated with Fyle's technology are designed to streamline end-to-end expense workflows, ultimately enhancing operational efficiency and financial control.
