Market Overview

Intuit to Acquire TSheets: It's About Time

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QuickBooks Ecosystem to Add Leading Employee Time Tracking Solution

Intuit Inc. (NASDAQ:INTU) is taking the next step in making the
QuickBooks platform the smarter way to do business by signing an
agreement to acquire TSheets, a leading platform that small and medium
businesses, self-employed, and accountants use to automate time tracking
and scheduling for them and their workers.

Intuit QuickBooks leverages the world's largest small business and
self-employed ecosystem to simplify and automate key business tasks,
such as payroll, invoicing, and payments. With more than 12,000
customers already using and loving QuickBooks and TSheets side-by-side
today, bringing them together for millions of small businesses will make
manual time tracking a thing of the past. They will have a single,
seamless solution to track their time, streamline their invoicing and
simplify paying their workers with complete confidence.

"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," said
Alex Chriss, Senior Vice President, chief product and platform officer
for Intuit's Small Business and Self-Employed Group. "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."

Already integrated with Intuit's small business offering, TSheets is a
long-standing key partner and has one of the most popular apps on
Intuit's open platform with over 8,000 5-star reviews online. Today,
TSheets has over 35,000 customers with over 500,000 workers managed
through their platform.

"Similar to Intuit, TSheets has built an amazing product, created a
strong company culture, and built a reputation on outstanding customer
support," said Matt Rissell, TSheets co-founder and CEO. "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."

Once the transaction closes, Time Capture will become a new offering
within Intuit's Small Business and Self-Employed Group with Matt Rissell
assuming the leader role reporting to Alex Chriss. TSheets's Eagle,
Idaho site will become an Intuit location.

Terms

The transaction is valued at approximately $340 million of cash and
other consideration, and is expected to close in the second quarter of
fiscal 2018, subject to the expiration of applicable regulatory waiting
periods and the satisfaction of other customary closing conditions. The
transaction has no material impact on Intuit's earnings guidance for
second quarter and full fiscal year 2018.

About Intuit

Intuit Inc. is committed to powering
prosperity around the world for consumers, small businesses and the
self-employed through its ecosystem of innovative financial management
solutions.

Its flagship products and services include QuickBooks® and TurboTax®,
which make it easier to manage small
businesses
and tax
preparation and filing
. QuickBooks
Self-Employed
provides freelancers and independent contractors with
an easy and affordable way to manage their finances and save money at
tax time, while Mint delivers
financial tools and insights to help people make smart choices about
their money.

Intuit's ProConnect brand
portfolio includes ProConnect
Tax Online
ProSeries®
and Lacerte®,
the company's leading tax preparation offerings for professional
accountants.

Founded in 1983, Intuit serves 46 million customers in North America,
Europe, Australia, Brazil and India, with revenue of $5.2 billion in its
fiscal year 2017. The company has approximately 8,200 employees with
major offices in the United StatesCanada,
the United KingdomIndia, Israel,
Australia and other locations.
More information can be found at www.intuit.com.

About TSheets

TSheets was founded in 2006 after
CEO Matt Rissell discovered a gap in the employee time tracking and
reporting market. Today, the company has grown to over 500,000 users in
over 100 countries, opened a satellite office in Australia and raised
$15 million in Series A growth equity funding. The company was included
in the 2016 Deloitte Fast500 list, Entrepreneur's Top Company Culture
Award, Idaho Innovative Company of the Year, and is the three time
recipient of #1 Best Place to Work in Idaho.

With TSheets, the days of punching a traditional time card are over.
TSheets is a leading time
tracking
and scheduling
platform that allows hourly employees to clock in and out with ease—via
computer, tablet, iPhone or Android app, or even a phone call, text, or
tweet. For employers and managers, TSheets ensures accountability and
accuracy with GPS, overtime alerts, and a seamless integration with
QuickBooks Online and other top third party applications. With over
8,000 5-star reviews online, TSheets is the top rated and requested time
tracking solution for accounting professionals, small businesses and the
self employed.

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