❯ Intuit buys billing software company Sequence, reportedly for about $200 million

Deal signedIntuit announced on October 15 that it signed an agreement to buy Sequence, without disclosing the price. MGI Research, citing The Times, put it at about $200 million, a figure Intuit hasn’t confirmed.

Turning contracts into billsSequence turns complex contracts into accurate bills, whether priced by usage, seats or milestones, handling pricing, invoicing, collections and revenue recognition, with AI agents doing daily tasks. The more complex the contract, the more spreadsheets go wrong, which is why customers pay. Its customers are mainly fast-growing software and services companies, including some AI firms.

A London startupSequence was founded in 2021, is based in London and New York, and is led by co-founder and CEO Riya Grover. It raised $19 million led by a16z in 2022. Grover says revenue management has long been the most fragmented workflow in the back office.

Intuit wants mid-market customersIntuit says the deal strengthens Intuit Enterprise Suite and QuickBooks Online Advanced for mid-market businesses, letting it serve industries with complex billing such as B2B software and professional services. Grover will join Intuit’s mid-market product group; Intuit will keep supporting Sequence customers and build integrated products in the coming months.

▮ SIGNALAs usage-based pricing spreads, the small job of billing correctly is becoming a capability finance software companies race to buy.