Intuit Inc. (INTU) acquires Check app for $360 million
Intuit Inc. (NASDAQ:INTU), the company behind Turbo Tax and Quicken, is acquiring bill payment app Check for $360 million. Intuit notifies users when bills are due and can pay them automatically.
“This acquisition will accelerate Intuit’s ability to offer bill pay across personal finance and small business products,” stated Intuit senior vice president Barry Saik.
Check was founded in 2007 and used to be known as Pageonce. The app has around 10 million users and collects revenue from advertisements. Check also raised around $47 million in VC funding.
Check has similar features as Mint.com, a company that Intuit acquired for $170 million in 2009. Check and Mint.com both offer the ability to monitor bank accounts, but Check added the ability to pay bills.
This deal is expected to close in Q4 of this year.
Intuit also acquired an inventory management software company called Lettuce earlier this month for around $30 million. Intuit hit $4.2 billion in revenue for its 2013 fiscal year. The company currently has over 8,000 employees and is based in Mountain View, California.