Intuit, the market leader in accounting software for small and medium-sized companies has now acquired the time tracking service Tsheet, for an approx. value of $340 million, which includes both cash and other considerations. Intuit is expecting the deal to get closed by the second half of 2018. This step by Intuit can be considered as another move to enhance the efficiency and effectiveness of QuickBooks.
Although the deal is expected to close by mid-2018 but the acquisition will not have any impact on Intuit’s earning forecast for that quarter of 2018. You should know that this is the second acquisition by Intuit this year, as in October, it acquired Exactor as well.
Both Tsheet and QuickBooks deal in the market of small and medium-sized businesses and there is an obvious overlap between the two businesses. According to Intuit, there are already more than 12,000 customers who use QuickBooks and Tsheet, side by side. One thing is very much clear from this acquisition that this move isn’t for acquiring new customers but to develop the ecosystem of QuickBooks and it is also important to know that Tsheet already offers integration with QuickBooks. This acquisition will also help Intuit to tighten the alignment between the software.
Alex Chriss, the senior vice president, chief product and platform officer said “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,” He further added “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.”
While the CEO of Tsheet, Matt Rissel said, “Similar to Intuit, TSheets has built an amazing product, created a strong company culture, and built a reputation on outstanding customer support. 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.”
After the completion of the acquisition, Intuit will re-brand Tsheet as Time Capture and turn the Idaho office of Tsheet into an Intuit office.
It is a business and financial software company which was started in 1983 with Quicken personal finance software, which was designed for simply balancing the family check book. But today, Intuit has more than 42 million customers located across the globe and it offers product from desktop to cloud.
Some major flagship products of Intuit are QuickBooks, TurboTax and Mint. The QuickBooks and Turbotax software help user to simplify their tax accounting and tax processes while the Mint software offers financial tools and insight to make better use of their money.
Founded in 2006, Tsheet was launched to fill the gap between employee time tracking and reporting market. Today, the company has over 500,000 users in over 100 countries and has raised $15 million in Series A growth equity funding. It is important to know that the company was listed in Deloitte Fast500 list in 2016.