Intuit will acquire Check and integrate its bill paying app into its own financial management products
With more than 10 million customers, Check is a mobile bill payment company that helps users track personal finances. Intuit will use the acquisition to accelerate its ability to offer bill paying functions to small business and personal finance products and to attract and serve new customers. The deal includes cash and other considerations and is expected to close in the fourth quarter of 2014.
“Intuit started when founder Scott Cook wanted a better way to balance the family checkbook,” Barry Saik, senior vice president and general manager of Intuit’s Consumer Ecosystem Group, said in a statement. “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.”
Monitoring personal and business finance
Check’s app automates and consolidates bill paying processes in one place, reducing complexity for consumers. Check customers can monitor bills and accounts, receive alerts when bills are due or funds are low and pay bills automatically.
On the other hand, Intuit’s personal finance tools, including Quicken and Mint, help customers analyze their previous transactions to help them plan for the future. With Check’s app, Intuit has gained a consumer payment capability and it intends to connect the products so that they work together. When the deal closes, Check will join Intuit’s Consumer Ecosystem Group and its Israel location will become an Intuit hub. Check’s co-founder and CEO Guy Goldstein will serve as vice president.
“Mobile is a key driver of bill pay opportunities,”Goldstein said in a statement. “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.”
Goldstein and CFO Ahikam Kaufman founded Check, formerly called Pageonce, in 2007 and launched the product the following year. Based in Palo Alto, Calif., it was one of the first 500 apps released on the first generation iPhone.
Intuit, founded in 1983, has several business and financial management solutions including QuickBooks, Quicken, TurboTax, Mint.com, Demandforce, ProSeries and Lacerte. It has about 8,000 employees worldwide and had revenues of $4.2 billion in 2013.