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May 27, 2014

Intuit to acquire Check for $360m

Check is the latest start up in Intuit’s basket

By Vinod

Intuit Inc has signed an agreement to acquire the bill-payment service Check Inc for $360m, in a latest string of acquisitions undertaken by the finance-software maker.

The deal was signed last week, with Check becoming the latest tech startup to be snapped up by Intuit as it looks to expand its suite of tools for individuals and small businesses, reports Wall Street Journal.

Founded in 2007, Check was previously known as Pageonce, and was offered as one-stop-shop for managing bank accounts, social-networking profiles, shopping carts and other Internet profiles. Renamed as Check last year, the company shifted its focus to help users track their personal finances and pay bills using their mobile phones.

Its smartphone app, which monitors bank accounts and credit cards and sends reminders for due payments or low funds, claims a user base of 10 million.

Check’s revenue generation model consists of promotions and ads posted by advertisers within the app. As told by sources to Wall Street Journal, Check expects revenue of more than $20m this year, up from less than $15m last year.

California-based Intuit has been on an acquisition spree as in 2013, it bought workers’ compensation payment solutions provider Prestwick Services, document service DocStoc, tax-return helper GoodApril, and small-business scheduling tool Full Slate. Earlier this month it acquired inventory-tracking software Lettuce.

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