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Intuit Inc.
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 additional customers.
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 finance capabilities.”
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.”
Terms
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
processing, personal 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 other
countries.
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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