Web hosting provider GoDaddy has just announced its purchase of Outright, a cloud-based financial management application company.
The acquisition brings together two companies that serve small businesses and entrepreneurs in different ways, and signals that GoDaddy may be looking to expand its range of products and services for businesses.
Outright’s mission is to automate small business accounting tasks by providing simple, data-driven and community-enabled applications. Outright gives users the ability to automatically import data from popular online marketplaces such as eBay, Amazon, and Etsy, as well as from bank accounts, credit cards, and PayPal.
The company aims to streamline the whole financial management process so that business owners can spend more of their valuable time on tasks that grow their businesses and less time calculating profits, income, taxes, expenses, and other financial information.
This acquisition means that Outright’s more than 200,000 customers will now have access to GoDaddy’s complete line of products and services, including customer service specialists. However, Outright’s CEO Steven Aldrich assured customers on Outright’s blog today that the services provided by Outright will not be changing because of the acquisition.
Outright offers a free account for business owners, along with Outright Plus, which offers more features such as quarterly and sales tax tracking and reporting for $9.95 per month. The company also offers an iPhone app.
Outright was founded by entrepreneur Ben Curren, who started his own business in 2006 and quickly became frustrated with the financial management process and the amount of time he was spending with spreadsheets rather than actually running his business. He then developed an automated software application to help with the problem, and that eventually became Outright.
Curren, Aldrich and the rest of the Outright team will join the GoDaddy team and continue to work out of Silicon Valley. The amount of the acquisition was not disclosed.