Intuit Inc. (Nasdaq: INTU)
announced it has completed its acquisition of Check,
a Palo Alto, Calif.-based leader in mobile bill pay that serves 10
million registered users.
The transaction, announced
May 27, will accelerate Intuit’s ability to offer bill pay across
small business and personal finance products and create opportunities to
retain, attract and serve additional customers.
Check’s highly-rated mobile app automates and consolidates the bill pay
process all in one place, reducing the complexity for consumers. Check
customers can monitor bills and accounts, receive alerts when bills are
due or funds are low, and pay bills automatically.
The transaction is valued at approximately $360 million for total cash
and other consideration.
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken®
and TurboTax®, which make
it easier to manage small
businesses and payroll
finance, and tax
preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2013. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India,
Australia and other locations.
More information can be found at www.intuit.com.
Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of Intuit Inc. in the United States and
Cautions About Forward-looking Statements
This news release includes forward-looking statements, which are subject
to safe harbors created under the U.S. federal securities laws. All
statements included in this press release that address activities,
events or developments that Intuit expects, believes or anticipates will
or may occur in the future are forward-looking statements, including,
particularly, the statement about the potential benefits of the proposed
transaction to Intuit. All forward-looking statements are based on the
opinions and estimates of Intuit's management at the time the statements
are made and are subject to risks and uncertainties that could cause
actual results to differ materially from those anticipated in the
These risks and uncertainties include: the risk that the expected
benefits of the proposed acquisition are not realized within the
timeframe anticipated or at all; the risk that the costs incurred as a
result of the transaction are greater than anticipated; and the risk
that disruption from the transaction may make it more difficult to
maintain relationships with customers, employees, partners or suppliers.
For information regarding risks related to Intuit, see discussion of
risks and other factors in documents filed by Intuit with the Securities
and Exchange Commission from time to time, including Intuit's Form 10-K
for the year ended July 31, 2013, available on Intuit's Web site at www.intuit.com/about_intuit/investors.
Forward-looking statements represent the judgment of the management of
Intuit as of the date of this release, and Intuit disclaims any intent
or obligation to update any forward-looking statements.