Not so long ago, the financial products maker Intuit said it wanted to be “the operating system for small businesses.”
Today, seemingly, it wants to be cloud-based accounting and tax services provider for small businesses. Indeed, two weeks ago, Intuit announced the sale of three well-regarded businesses — Quicken, Quickbase, and Demandforce — that it no longer considers part of its newly sharpened, strategic goal.
Now Docstoc, acquired in late 2013, appears to be another victim of Intuit’s new execution plan. (No pun intended.) Earlier today, customers of the electronic document sharing service were informed that Docstoc will be shutting down effective December 1.
Docstoc was founded eight-and-a-half years ago in Santa Monica, Ca. The company raised just $4 million across two funding rounds, including from Crosscut Ventures and Rustic Canyon Ventures.
When Intuit purchased the company in late 2013, it didn’t reveal the purchase price, but at the time, Docstoc cofounder and CEO Jason Nazar told TechCrunch, “I spent seven years being scrappy. I’m looking forward to having big resources behind us, and a big brand like Intuit.”