Intuit could be infusing more data-driven features into its desktop and mobile apps with the purchase of private consulting firm Level Up Analytics.
The small business and personal finance software provider freely admitted that the deal was what is typically referred to in startup culture as an "acqui-hire," meaning the acquisition of a company primarily for bringing on the manpower talent.
When the deal is completed, Intuit will be bringing on fourteen employees from the Mountain View, Calif.-based company, consisting of three founders along with 11 scientists, architects, and engineers.
Level Up's trio of founders, Jonathan Goldman, Lucian Lita, and Anu Tewary, explained further in a blog post on Wednesday that their team is planning to "help transform Intuit’s offerings across the board."
As part of Intuit, we’ll bring our passion, our expertise, and our know-how to build data products on top of Intuit’s collective data of more than 45 million customers. Intuit’s unique pool of data covers the financial spectrum-ranging from individual purchases and spending habits to business inventories, transactions, and trends. It’s about leveraging the power of data to helping people and businesses save time and money, being an integral part of their success, and making meaningful changes in their lives.
While an exact date wasn't pinned down, Level Up's leadership affirmed that the company will be winding down its services as an independent company over the next month.
Financial terms of the deal have not been disclosed.