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Intuit to purchase TSheets
Posted on Wednesday, 06 December 2017 08:47
Intuit is acquiring TSheets.com, a provider of online time tracking and scheduling services, for around USD 340.00 million.
TSheets.com is a portfolio company of private equity firm Summit Partners, which invested in the target in 2015 and is expected to make a full exit through the transaction.
Under the terms, Intuit will settle the consideration in cash and other undisclosed means of payment.
Completion is expected to occur in the second quarter of 2018, subject to regulatory approvals and other customary closing conditions.
Established in 2006, TSheets.com operates a platform that helps small and medium businesses, entrepreneurs and accountants to automate time tracking and scheduling tasks.
It currently has more than 500,000 users in over 100 countries.
Listed on Nasdaq, Intuit provides financial software-as-a-service products, which facilitate business tasks such as payments, payroll and invoicing.
The buyer posted revenue of USD 1.38 billion in the 12 months ended 31st July 2017, up 6.7 per cent on the USD 1.29 billion recorded in the previous year.
Net profit for the period totalled USD 971.00 million, compared to USD 979.00 million in fiscal 2016.
Alex Chriss, senior vice president at Intuit’s Small Business and Self-Employed Group commented: “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.”
The announcement comes just over a month after the purchaser agreed to snap up Exacto, a sales and tax calculation and filing cloud-based platform operator, for an undisclosed sum.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 2,836 deals targeting US-based data processing and hosting services providers announced since the beginning of this year.
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