Intuit Inc. (INTU) acquires Invitco
Intuit Inc. (NASDAQ:INTU) is an accounting software company that is known for their flagship software Quickbooks. Intuit has now acquired Sydney, Australia based startup Invitco. Invitco is used to ease the burden of accountants by receiving and reading supplier bills in the cloud.
Invitco’s patent-pending technology is used for accepting PDF bills from suppliers, scanning the pertinent data, and then exporting data to an accounting software program.
The suppliers send the PDF files to a dedicated mailbox hosted by Invitco. Intuit may integrate Invitco into QuickBooks Online.
Invitco integrates with a number of accounting software programs, including MYOB, Adept, and NetSuite. This will not change after the acquisition, said Invitco CEO Roger Gregg. The terms of the acquisition were undisclosed.