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Personal and small business financial software maker Intuit said on Tuesday that it has inked a deal to buy TSheets for $340 million.
TSheets is the maker of a time tracking and employee scheduling app for small businesses and gig workers. The company was founded in 2006 and claims to have more than 35,000 customers with over 500,000 workers managed through its platform.
Intuit noted that roughly 12,000 of its current customers already use QuickBooks and TSheets side-by-side via an existing integration. The acquisition will allow the platforms to work together more seamlessly alongside Intuit's other platform features, including invoicing and payroll.
Intuit is also eying the deal as a way to bring more user data into its platform. The personal finance company has increasingly been using its data to power artificial intelligence and machine learning in products such as Mint, QuickBooks, and TurboTax.
"This acquisition will unlock critical upstream data that will allow us to create frictionless experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users' businesses," said Alex Chriss, SVP and chief product and platform officer for Intuit's Small Business and Self-Employed Group.
When the transaction closes, time capture will become a new product within the Intuit ecosystem. TSheets will join Intuit's Small Business and Self-Employed Group, and the TSheets headquarters in Eagle, Ida., will transition into an Intuit location.
The TSheets deal comes less than two months after Intuit's acquisition of cloud-based SaaS company Exactor. With that purchase, Intuit said was aiming to bring more tax filing features for retail SMBs to its QuickBooks platform.
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