Intuit acquires TSheets for $340M
Intuit announced on Tuesday morning that it has signed an agreement to acquire time-tracking app provider TSheets for $340 million in cash and other considerations. Intuit reported that the deal should be finalized by the end of Q2 2018.
TSheets currently serves over 35,000 customers overseeing 500,000 staff members via their platform. Intuit hopes the deal will make "manual time tracking a thing of the past" and provide a "single, seamless solution" by joining it with QuickBooks. Intuit reported that over 12,000 customers already use QuickBooks and TSheets concurrently.
“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,” stated 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.”
“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, in a statement. “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.”
At the deal's completion, Intuit’s Small Business and Self-Employed Group will offer Time Capture, with Rissell assuming the main leadership position under Chriss. Additionally, TSheets’s Eagle, Idaho, office will become an Intuit location.
For more on Intuit and the TSheets acquisition, head to the company's blog here.