Intuit Inc. (Nasdaq: INTU), a Mountain View, CA-based provider of innovative financial management solutions such as QuickBooks® and TurboTax®, (see MyDealsClub for a great offer), among others, is to acquire TSheets, a provider of a platform for small and medium businesses, self-employed, and accountants to automate time tracking and scheduling for them and their workers.
The transaction is valued at approximately $340m 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.
Founded in 2006, TSheets provides a time tracking and scheduling platform that allows hourly employees to clock in and out—via computer, tablet, iPhone or Android app, or even a phone call, text, or tweet. For employers and managers, the solution ensures accountability and accuracy with GPS, overtime alerts, and integration with QuickBooks Online and other top third party applications.
Today, the company has over 35,000 customers with over 500,000 workers managed through their platform.
Once the transaction closes, Time Capture will become a new offering within Intuit’s Small Business and Self-Employed Group with Matt Rissell, TSheets’ co-founder and CEO, assuming the leader role reporting to Alex Chriss.
TSheets’s Eagle, Idaho-based site will become an Intuit location.