(Bloomberg) -- Intuit Inc. will acquire startup TSheets for about $340 million, adding time-tracking and scheduling tools to its lineup of software for small businesses.
The terms of the deal, which is expected to close in the current quarter, includes both cash and other considerations, the companies said in a statement, without giving details. Buying Eagle, Idaho-based TSheets, which helps businesses and employees track and manage work hours, will bolster Intuit's QuickBooks software platform for automating tasks such as payroll and invoices, Intuit said.
The deal will give Mountain View, California-based Intuit access to more data, which will help its recently launched direct-lending platform, geared toward smaller businesses. The two companies have long been partners, but Intuit wanted to be able to fully incorporate the offering, said Alex Chriss, an Intuit senior vice president.
“This allows us to start to building more seamless integration and think about more business models and how we leverage that data,” Chriss said in an interview. Intuit also said it will continue to look at new opportunities to build, buy or partner as a way to advance its technologies and offerings.
TSheets was founded in 2006, and in 2015 raised $15 million in funding led by Summit Partners. The startup currently has about 260 employees, and all of them will receive job offers in the acquisition. Matt Rissell, TSheets co-founder and chief executive officer, will become a vice president on Intuit's small business team.
To contact the reporter on this story: Julie Verhage in New York at jverhage2@bloomberg.net.
To contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack
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