Intuit has acquired Docstoc, an electronic document storage company that has a wide variety of documents for businesses. It is unknown how much Docstoc was acquired for, but it is believed to be around $50 million. Docstoc will remain in Santa Monica, California for now. Docstoc raised around $4 million in funding from Rustic Canyon Partners, Mike Jones, Scott Walchek, Brett Brewer, Robin Richards, Matt Coffin, and Crosscut Ventures.
?Our vision is to be the ultimate destination and resource site for small businesses,? stated Docstoc co-founder and CEO Jason Nazar in a press release.
Docstoc was launched by co-founder and CEO Jason Nazar in late 2007. The company has over 20 million documents. Docstoc and Intuit will be collaborating on more products in the near future. The transaction is expected to close during the second quarter, ending January 31, 2014.