Intuit Nabs Mobile Bill Pay Company for $360 Million
May 29, 2014
Intuit, the maker of popular small-business accounting software Quickbooks, this week agreed to acquire mobile bill pay provider Check for $360 million. Check is a mobile app that lets consumers both track and pay their bills from their mobile device. Intuit, which already plays in the mobile card acceptance space with a Square-like offering integrated with Quickbooks that lets small businesses accept credit cards on a mobile device, could be positioning itself as a mobile wallet provider with the acquisition of Palo Alto, Calif.-based Check. The company called Check’s mobile bill pay technology “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.”
“Mobile is a key driver of bill pay opportunities,” said Guy Goldstein, CEO and co-founder of Check. “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.”
Intuit said it expects the deal to close by the end of its fiscal fourth quarter on July 31.