Intuit Inc. completed the acquisition of TSheets.com, LLC.
January 09, 2018
Share
Intuit Inc. (Nasdaq:INTU) signed a definitive agreement to acquire TSheets.com, LLC for approximately $340 million on December 5, 2017. The deal value will be paid in cash and other consideration. Once the transaction closes, Time Capture will become a new offering within Intuit's Small Business and Self-Employed Group with Matt Rissell assuming the leader role reporting to Alex Chriss. TSheets's Eagle, Idaho site will become an Intuit location. The transaction is subject to the expiration of applicable regulatory waiting periods and the satisfaction of other customary closing conditions. The transaction is expected to close in the second quarter of fiscal 2018. The purchase is not expected to have a material impact on Intuit's earnings guidance for second quarter and full fiscal year 2018. Luke Bergstrom of Latham & Watkins LLP acted as legal advisor for TSheets.com, LLC.
Intuit Inc. (Nasdaq:INTU) completed the acquisition of TSheets.com, LLC on January 10, 2018. In connection with the purchase of all the outstanding equity of TSheets.com, LLC, Intuit issued 75,528 shares to certain of the equity holders of TSheets. The shares are subject to certain vesting restrictions tied to employment. In related transactions, Intuit also acquired Exactor, Inc., and Applatix, Inc. in the second quarter of fiscal 2018. The total combined cash and other consideration for the acquisition of the three companies is approximately $412 million which includes approximately $27 million for the fair value of equity awards and other cash consideration that is being charged to expense over the future service period of up to three years.
Intuit Inc. specializes in the development, publishing and marketing of management software for private individuals and for small and medium businesses. The group also offers consulting, training, and technical assistance services, etc. Net sales break down by family of products as follows:
- management software (55.9%): accounting management, financial, commercial, real estate, payroll preparation, and other types of software, mainly sold under the QuickBooks and Intuit brands;
- personal tax management software (28.8%): TurboTax brand;
- personal credit management and verification software (11.4%; Credit Karma);
- professional tax management software (3.9%; ProTax): Lacerte, ProSeries, ProFile and ProConnect Tax Online brands for professional accountants.
Almost all sales are in the United States.