Intuit Inc. (Nasdaq: INTU), parent company of accounting software QuickBooks and TurboTax, has signed an agreement to acquire the time tracking and employee scheduling software company Tsheets for $340 million. The acquisition will reportedly make manual time tracking a thing of the past for small businesses, the self-employed, accountants and gig workers.
Intuit Acquires Tsheets
Small businesses that use the QuickBooks platform will now have a single, seamless solution to track their time, streamline their invoicing and simplify paying their workers with confidence.
The QuickBooks platform is a popular small business ecosystem that automates and simplifies key business tasks, such as payroll, invoicing and payments. With more than 12,000 customers already using QuickBooks, Intuit says bringing Tsheets on board will benefit millions of small businesses and self-employed people.
“This acquisition will unlock critical upstream data that will allow us to create frictionless experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users’ businesses,” Alex Chriss, Senior Vice President, chief product and platform officer for Intuit’s Small Business and Self-Employed Group, said in a statement.
TSheets Product Benefits Set to Improve
TSheets currently serves over 35,000 customers, overseeing 500,000 workers managed through its platform. The time tracking app automates much of the time sheet process, making life simpler for contract employees, or staffers who have to track how much time they spend on any given project.
“With this transaction, we will work together [with Intuit] to vastly improve the customer experience and product benefits of the TSheets and QuickBooks integration,” said Matt Rissell, co-founder and CEO of TSheets, which has its headquarters in Eagle, Idaho.
The deal is expected to finalize by the end of Q2 2018. Once it closes, Time Capture, a TSheets feature, will become a new offering within Intuit’s Small Business offering. Rissell will assume leadership role reporting to Chriss.
“We are excited for what this [acquisition] means for customers, as we continue to champion their cause and provide them with the real business insights they need to thrive,” Rissell added.
So they now want to combine time tracking with invoices. I think that it is a good move for them and can provide more value to their existing technology.
Really cool to see a company from my state get acquired like this. Congrats to the Tsheets team!