Intuit's shopping spree of small-time financial app startups continues with the intended acquisition of Invitco.
Targeting bookkeepers and accountants, the Sydney, Australia-based company developed a cloud-based platform for receipt, processing, and data extraction from PDF files.
The financial software maker highlighted its interest in Invitco's first product, invitbox, boasting it to be the world’s first cloud-based data extraction suite and approvals process for supplier bills when it launched in 2012.
Intuit plans to utilize Invitco's technology and connections to not only help clients shift their accounting practices to a cloud model but the deal also opens up opportunities for new clientele in Australia and beyond.
Chris Repetto, communications director for the accountant and advisor unit at Intuit, shed further light on the future of Invitco in a blog post on Thursday, noting that its patent-pending PDF data extraction "could be applied across all Intuit products."
In a competitive marketplace, Intuit also sees the combination of Intuit’s QuickBooks Online accounting software and invitco’s data extraction technology as a powerful solution for bookkeepers and accountants. Together, Intuit and invitco will enable more and more Australian businesses to shift their accounting practices online.
The Invitco team followed up with a statement of its own, reiterating Intuit's interests in the Austrailan market while assuring customers that existing services and business practices (notably an open API approach) will stay in place:
We will continue to develop technology solutions that contribute in some small way to freeing accountants and bookkeepers from performing repetitive tasks so they can focus on more strategic value and services for their clients. That sits very nicely with Intuit’s focus on enabling them to save time and grow their practices.
Financial terms of the deal have not been disclosed. The merger is expected to go through within a few days.
Invitco marks Intuit’s seventh acquisition for the 2014 fiscal year, ending on July 31 for the Mountain View, Calif.-based company.
A roundup of the previous purchases consist of Docstoc, Good April, Full Slate, Level Up Analytics, Prestwick Services, and most recently Lettuce, a Southern California startup that builds apps for streamlining the order fulfillment process.