Intuit buys SMB document repository firm Docstoc

Intuit buys SMB document repository firm Docstoc

Summary: Intuit has acquired Docstoc in a sale which could be as high as $50 million for the electronic document storage service.

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TOPICS: Tech Industry
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Intuit has acquired Docstoc, a small firm that provides businesses with a variety of documents and media -- the latest deal in a run of purchases.

According to AllThingsD, the software firm did not disclose the price paid for Docstoc, but the publication's sources say the price could have reached up to $50 million.

Docstoc provides small businesses with professional, financial and legal documents to help them grow. Tutorials, editable legal documents and templates are among the firm's offerings -- which can save small firms time and energy when becoming established.

As well as hosting user-submitted content, Docstoc has also recently begun producing its own resources, accounting for over 20,000 documents and media files. The company has 40 million users registered worldwide.

In the last six months, Intuit has acquired a number of companies that also offer small and medium businesses technology and tools. Intuit's mantra is to be "the operating system for the small business," and so acquiring a company that provides basic tools, educational courses and media is a reasonable step while building its SMB ecosystem. SMB service providers Elastic Minds, Fifo, Full Slate and Level Up Analytics were all purchased this year. In recent filings, the service provider said that it paid a total of $65 million to acquire the companies.

Alex Chriss, an executive from Intuit's small business division said the document repository was a "clear leader" in serving small businesses.

The company's 50 members of staff are not expected to be affected, and will remain working within Docstoc's Santa Monica, California office.

The deal is expected to close by the end of January 2014.

Topic: Tech Industry

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