Intuit, a company that builds financial and tax software like TurboTax and QuickBooks, announced today that it is acquiring Homestead Technologies for roughly $170 million in cash, outstanding options, and restricted stock units.
Homestead is a web hosting service based in Menlo Park, California. And Homestead has pivoted several times since its start in 1998 until it landed on a website building and e-commerce service model. Homestead also sold Photosite, one of their web hosting photography services to United Online in March 2005.
“Joining Intuit will help us continue pursuing our dream of enabling every small business, entrepreneur and organization to effectively compete by leveraging the power of the Internet,” said Homestead Technologies founder and CEO Justin Kitch. “We’re proud to be one of the highest-rated small business services on the Web today, but we believe we can do better. Becoming part of Intuit will enable us to focus our family of talented and engaged employees on solving important problems by providing products and services that delight our customers.”