Intuit is already known for a variety of consumer and business financial tools. Small businesses probably know Intuit best for its popular accounting software Quickbooks.
But the company also has a stable of tools like Mint and Quicken which can help both individuals and small businesses keep track of their money.
Yesterday, Intuit announced its intentions to acquire Check, a Palo Alto, California based mobile app for tracking and paying bills.
Here’s a quick overview of how the Check app works:
The deal, worth $360 million, potentially brings with it Check’s 10 million registered users. But Intuit says it also adds a tool useful when integrated into many of its other services.
In a prepared release, Barry Saik, Senior Vice President and General Manager of Intuit’s Consumer Ecosystem Group says:
“Intuit started when Founder Scott Cook wanted a better way to balance the family checkbook. Our commitment to solving important personal finance problems is steadfast. By joining with Check, we continue to address consumer needs and are taking the next step in the evolution of personal finance capabilities.”
The Check team will become part of Intuit’s Consumer Ecosystem Group once the acquisition is complete.
However, in the release, the company also makes it clear the acquisition is expected to contribute to its business offerings by making bill paying easier in both its business and consumer products.
In the announcement, Intuit further explains:
“Through the acquisition, Intuit gains a critical consumer payments capability that will allow the company to streamline interactions between consumer and small business customers, consistent with Intuit’s vision of enabling products to work together as an ecosystem.”
The deal is expected to close by the end of Intuit’s fourth quarter in late July. A location maintained by Check in Israel will become another of Intuit’s global locations.
Founded in 1983, Intuit also offers tools like TurboTax, which helps with tax preparation and filing, and Demandforce, providing marketing and communications tools for small businesses. The company employees 8,000 with major offices in the United States, Canada, the United Kingdom, India and Australia.
I guess I don’t know enough about Check because it sounds a lot like Mint (which was a stellar acquisition), but Intuit is doing some really cool things right now. Keep us posted on how things go!
I think that it is a wise move given that their company is all about tools anyway. I guess it is a matter of proving on why they need Check when they already have similar tools.