Intuit, the American software company, has agreed to buy Sequence, a British financial technology business, in a deal estimated to be worth around $200m, according to a source close to the deal.
Intuit announced yesterday that it had signed an agreement to acquire Sequence, a business-to-business revenue management and billing platform founded in 2021. Intuit said the financial terms of the deal were not disclosed.
Riya Grover, Sequence’s co-founder and chief executive, holds a stake of more than 45 per cent in the company, according to the company database site Dun & Bradstreet, meaning she stands to make tens of millions of dollars from the sale. The deal is one of the largest exits by a UK artificial intelligence start-up led by a female co-founder.
“Revenue management has long been the most fragmented workflow in the back office. As businesses adopt usage-based and hybrid pricing, that complexity is only growing,” Grover, 38, said.
“We built Sequence to automate the entire process, from contract to revenue recognition, with AI agents automating daily tasks and working securely alongside finance teams. With Intuit’s platform and reach, and our shared alignment on serving mid-market businesses and creating AI-driven financial workflows, this is a natural fit for both companies.”
According to Intuit, the deal will give mid-market businesses and the accounting firms who advise them a single platform to price, bill and collect on revenue tied to consumption, usage, seats and milestones. The Nasdaq-listed company said Sequence would allow it to serve new industries, including business-to-business software and professional services.
“As businesses grow, pricing, billing, and collecting on complex usage-based and milestone-based revenue becomes one of the biggest reasons they choose an ERP,” said Ashley Still, executive vice president and general manager of Intuit’s Small Business and Mid-Market Group.
As part of the acquisition, Sequence employees, including Grover, will join Intuit in its mid-market product organisation. Intuit said it would continue to support Sequence’s customers after the acquisition closes and would develop an integrated offering in the coming months.
Grover co-founded the company with Eamon Jubbawy, 34, who previously co-founded Onfido, an ID verification software provider that was acquired by a US group in 2024 for $650m. Jubbawy owns a stake of more than 15 per cent in Sequence, according to Dun & Bradstreet.
The pair teamed up after seeing how much it cost companies selling to other businesses to build their own billing systems.
In 2022 Sequence raised $19m in its first funding round, backed by Andreessen Horowitz, the Silicon Valley venture capital firm known for its early bets on Airbnb, Facebook and Slack.
Grover sold her previous software business, Feedr, to Compass, the global catering group, in 2020 for a reported $24m.
Other significant UK AI software exits include Darktrace, which was acquired by the private equity firm Thoma Bravo in October 2024 for $5.3bn, and Faculty AI, which sold to Accenture this year for a reported $1bn.
Research from The ScaleUp Institute, an independent think tank, this month identified 333 women who had built businesses with revenues of more than £50m, up from 80 two years ago. The findings led campaigners to say “we are in the decade of the female founder.”
Business Matters reported in July that investors who have signed the Investing in Women Code had outperformed the wider market for a sixth year, while in May the British Business Bank committed £1m to co-invest with Angel Academe in female-led businesses.
