Company Adds Mobile Bill Pay to Help Consumers Solve Everyday
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--
Intuit Inc. (Nasdaq:INTU) today
announced it has entered into a definitive agreement to purchase Check,
a Palo Alto, Calif.-based leader in mobile bill pay that serves 10
million registered users. The acquisition will help accelerate Intuit’s
ability to offer bill pay across small business and personal finance
products and create opportunities to retain, attract and serve
Check’s highly-rated mobile app automates and consolidates the bill pay
process all in one place, reducing the complexity for consumers. Check
customers can monitor bills and accounts, receive alerts when bills are
due or funds are low, and pay bills automatically.
Intuit’s personal finance solutions, Quicken
and Mint, have historically provided
customers a look back at their transactions to help them plan for the
future. Consumers increasingly want mobile apps that allow them to take
action with their money and help them accomplish every day financial
tasks, such as bill pay and household budgeting. U.S. consumers were
expected to pay more than 14.7 billion bills in 2013, according
to an Aite Group report, citing the most recently available data.
Online and mobile payments were expected to account for nearly half of
all bills paid that year.
“Intuit started when founder Scott Cook wanted a better way to balance
the family checkbook,” said Barry
Saik, senior vice president and general manager of Intuit’s Consumer
Ecosystem Group. “Our commitment to solving important personal finance
problems is steadfast. By joining with Check, we continue to address
consumer needs and are taking the next step in the evolution of personal
Through the acquisition, Intuit gains a critical consumer payments
capability that will allow the company to streamline interactions
between consumer and small business customers, consistent with Intuit’s
vision of enabling products to work together as an ecosystem.
Once the transaction closes, Check will join Intuit’s Consumer Ecosystem
Group. The Israel site will become an Intuit location, adding to the
company’s growing global portfolio. Guy
Goldstein, Check’s co-founder and CEO, will serve as vice president
and report to Saik.
“Mobile is a key driver of bill pay opportunities,” said Goldstein. “We
look forward to merging our talent, mobile mindset and spirit of
innovation with Intuit to build products that delight consumers and
become a part of their everyday financial lives.”
The transaction, valued at approximately $360 million for total cash and
other consideration, is expected to close in the fourth fiscal quarter
of 2014, subject to the expiration of applicable regulatory waiting
periods and the satisfaction of other customary closing conditions.
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken®
and TurboTax®, which make
it easier to manage small
businesses and payroll
finance, and tax
preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2013. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India,
Australia and other locations.
More information can be found at www.intuit.com.
Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of Intuit Inc. in the United States and
Cautions About Forward-looking Statements
This news release includes forward-looking statements, which are subject
to safe harbors created under the U.S. federal securities laws. All
statements included in this press release that address activities,
events or developments that Intuit expects, believes or anticipates will
or may occur in the future are forward-looking statements, including,
particularly, statements about the potential benefits of the proposed
transaction to Intuit, the anticipated reach, capabilities and
opportunities of the combined company, the ability to provide new
services and products to customers, the ability to integrate
capabilities, the expected benefits to current and potential customers,
and the expected closing of the proposed transaction. All
forward-looking statements are based on the opinions and estimates of
Intuit's management at the time the statements are made and are subject
to risks and uncertainties that could cause actual results to differ
materially from those anticipated in the forward-looking statements
including: the risk that the transaction is not consummated or is not
consummated within the expected timeframe; the risk that governmental
approvals of the acquisition are not obtained on the proposed terms and
schedule; the risk that the expected benefits of the proposed
acquisition are not realized; and the risk that disruption from the
transaction may make it more difficult to maintain relationships with
customers, employees, partners or suppliers. For information regarding
risks related to Intuit, see discussion of risks and other factors in
documents filed by Intuit with the Securities and Exchange Commission
from time to time, including Intuit's Form 10-K for the year ended July
31, 2013, available on Intuit's Web site at www.intuit.com/about_intuit/investors.
Forward-looking statements represent the judgment of the management of
Intuit as of the date of this release, and Intuit disclaims any intent
or obligation to update any forward-looking statements.
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Source: Intuit Inc.