Intuit picks up PayCycle for $170 million

Summary:Intuit said Tuesday that it has acquired PayCycle, a privately held online payroll service for small businesses, for roughly $170 million. PayCycle has more than 85,000 small business customers.

Intuit said Tuesday that it has acquired PayCycle, a privately held online payroll service for small businesses, for roughly $170 million. 

PayCycle has more than 85,000 small business customers. 

In a statement, Intuit said PayCycle will allow it to offer online payroll services quickly and enter the software as a service market for small businesses. Meanwhile, PayCycle's partnerships with financial institutions will help Intuit's payroll business overall.

The deal, which will shave about 2 cents a share in earnings from Intuit's fourth quarter results, is expected to close in the third quarter. 

Also seeE-file flap dings Intuit tax revenue outlook

Topics: SMBs, Banking, Enterprise Software

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

zdnet_core.socialButton.googleLabel Contact Disclosure

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.