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Thursday 07 December 2017

Intuit lines up time sheet TSheet for acquisition

logoIntuit is putting up $340m (cash and other considerations) to acquire time tracking and scheduling provider TSheets in order to help build out the QuickBooks ecosystem.

It should be an easy slot-in as TSheets is already integrated with QuickBooks and the two companies have 12,000 shared customers. What is more surprising is that this will be one of Intuit’s largest acquisitions although with estimated revenue of around $40m (according to Forbes) TSheets will not have a material effect on Intuit’s 2018 revenue. The deal is not expected to close until H2 2018.

In our view, the rationale for the acquisition is part of the work to build out QuickBooks as an open platform, a goal that was emphasised when we met the Intuit exec team earlier this year. As part of that, Intuit also aims to bring together the most important applications its customers use and to personalise user experiences and reduce manual work by leveraging customer data. TSheets ticks those boxes –as well as international expansion (see Intuit hangs on to small business, ecosystem and international expansion).

As far as we are aware, TSheets does not have embedded machine intelligence capability but we can see that being grafted on as post acquisition integration kicks in. QuickBooks Self Employed is a poster child for Intuit’s embedded machine learning and the TSheets Time Capture function will become a new offering within Intuit’s Small Business and Self-Employed Group, which TSheets CEO Matt Rissell will lead. 

Posted by Angela Eager at '09:15' - Tagged: acquisition   software  

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