Intuit acqui-hires Elastic Intelligence team for 'DIY' app builders
Intuit is ramping up its cloud services, especially for small to mid-size busineses, with a new acquisition announced on Friday.
See also: Intuit Q3 earnings: beats on EPS, revenue in line
More so, the purchase is more of an acqui-hire.
The finance software provider has bought Elastic Intelligence, the developer and marketer of theConnection Cloud, self-touted to be the "first and only" real-time SQL-based Platform-as-a-Service.
Intuit reps confirmed on Friday that the intent was to enlist the talent at Elastic Intelligence for improving and adding to its own cloud services suite.
Essentially, the Elastic Intelligence team will be folded into Intuit's QuickBase group for making cloud data more easily available to "do-it-yourself app builders" without requiring additional developer talent or API programming.
Allison Mnookin, vice president and general manager at Intuit, asserted further in a blog post that this merger will help "solve a huge pain point," which she described is "building applications that integrate and access data across multiple systems without having to custom code to increasingly fragmented APIs.
Elastic Intelligence founder Roger Sippl added that the combination of his team with QuickBase will lead to "a platform where resourceful employees can easily create customized SaaS applications that access and share the data in their other business systems to drive productivity."
Financial terms of the deal have not been disclosed. TechCrunch reported that Elastic Intelligence had already raised $3.4 million in funding.