QuickBooks Ecosystem to Add Leading Employee
Time Tracking Solution
Intuit Inc. (Nasdaq: INTU) is taking the next step in making the
QuickBooks platform the smarter way to do business by signing an
agreement to acquire TSheets, a leading platform that small and
medium businesses, self-employed, and accountants use to automate
time tracking and scheduling for them and their workers.
Intuit QuickBooks leverages the world’s largest small business
and self-employed ecosystem to simplify and automate key business
tasks, such as payroll, invoicing, and payments. With more than
12,000 customers already using and loving QuickBooks and TSheets
side-by-side today, bringing them together for millions of small
businesses will make manual time tracking a thing of the past. They
will have a single, seamless solution to track their time,
streamline their invoicing and simplify paying their workers with
complete confidence.
“With TSheets as part of Intuit, we have a tremendous
opportunity to provide millions of small businesses and
self-employed a smarter, simplified way to quickly and accurately
track their time, send invoices, run payroll, and understand
profitability by project,” said Alex Chriss, Senior Vice President,
chief product and platform officer for Intuit’s Small Business and
Self-Employed Group. “This acquisition will unlock critical
upstream data that will allow us to create frictionless experiences
that remove work, make it easier to get paid, and provide valuable
insights into the health of our users’ businesses.”
Already integrated with Intuit’s small business offering,
TSheets is a long-standing key partner and has one of the most
popular apps on Intuit’s open platform with over 8,000 5-star
reviews online. Today, TSheets has over 35,000 customers with over
500,000 workers managed through their platform.
“Similar to Intuit, TSheets has built an amazing product,
created a strong company culture, and built a reputation on
outstanding customer support,” said Matt Rissell, TSheets
co-founder and CEO. “With this transaction, we will work together
to vastly improve the customer experience and product benefits of
the TSheets and QuickBooks integration. We are excited for what
this means for customers, as we continue to champion their cause
and provide them with the real business insights they need to
thrive.”
Once the transaction closes, Time Capture will become a new
offering within Intuit’s Small Business and Self-Employed Group
with Matt Rissell assuming the leader role reporting to Alex
Chriss. TSheets’s Eagle, Idaho site will become an Intuit
location.
Terms
The transaction is valued at approximately $340
million of cash and other consideration, and is expected to close
in the second quarter of fiscal 2018, subject to the expiration of
applicable regulatory waiting periods and the satisfaction of other
customary closing conditions. The transaction has no material
impact on Intuit’s earnings guidance for second quarter and full
fiscal year 2018.
About Intuit
Intuit Inc. is committed to powering prosperity around the world
for consumers, small businesses and the self-employed through its
ecosystem of innovative financial management solutions.
Its flagship products and services
include QuickBooks® and TurboTax®, which make it easier
to manage small businesses and tax preparation and filing.
QuickBooks Self-Employed provides freelancers and independent
contractors with an easy and affordable way to manage their
finances and save money at tax time, while Mint delivers financial
tools and insights to help people make smart choices about their
money.
Intuit's ProConnect brand
portfolio includes ProConnect Tax Online, ProSeries®
and Lacerte®, the company's leading tax preparation offerings
for professional accountants.
Founded in 1983, Intuit serves 46 million customers in North
America, Europe, Australia, Brazil and India, with revenue of $5.2
billion in its fiscal year 2017. The company has approximately
8,200 employees with major offices in the United
States, Canada, the United
Kingdom, India, Israel, Australia and other locations.
More information can be found at www.intuit.com.
About TSheets
TSheets was founded in 2006 after CEO Matt Rissell discovered a
gap in the employee time tracking and reporting market. Today, the
company has grown to over 500,000 users in over 100 countries,
opened a satellite office in Australia and raised $15 million in
Series A growth equity funding. The company was included in the
2016 Deloitte Fast500 list, Entrepreneur’s Top Company Culture
Award, Idaho Innovative Company of the Year, and is the three time
recipient of #1 Best Place to Work in Idaho.
With TSheets, the days of punching a traditional time card are
over. TSheets is a leading time tracking and scheduling platform
that allows hourly employees to clock in and out with ease—via
computer, tablet, iPhone or Android app, or even a phone call,
text, or tweet. For employers and managers, TSheets ensures
accountability and accuracy with GPS, overtime alerts, and a
seamless integration with QuickBooks Online and other top third
party applications. With over 8,000 5-star reviews online, TSheets
is the top rated and requested time tracking solution for
accounting professionals, small businesses and the self
employed.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171205005402/en/
Intuit Inc.InvestorsJerry Natoli,
650-944-6181jerry_natoli@intuit.comorMediaDiane Carlini,
650-944-6251diane_carlini@intuit.com
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Feb 2024 to Mar 2024
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Mar 2023 to Mar 2024