Intuit, the company behind products like QuickBooks and TurboTax, today announced that it has acquired TSheets, a time-tracking service and employee scheduling app with over 35,000 customers. The $340 million acquisition price consists of both cash and other considerations and Intuit expects the acquisition to close in the second half of 2018.
TSheets launched back in 2006 and now has offices in both Eagle, Idaho and Sydney, Australia. The company has raised a total of about $15 million thanks to a Series A round led by Summit Partners.
There’s an obvious overlap between the markets for QuickBooks and TSheets, both of which mostly target small to medium businesses. Indeed, Intuit tells us that the companies already share 12,000 customers. Clearly this isn’t a play to acquire new customers, but to build out the QuickBooks ecosystem and it’s worth noting that TSheets already offers an integration with QuickBooks.
“With TSheets as part of Intuit, we have a tremendous opportunity to provide millions of small businesses and self-employed a smarter, simplified way to quickly and accurately track their time, send invoices, run payroll, and understand profitability by project,” said Alex Chriss, Senior Vice President and chief product and platform officer for Intuit’s Small Business and Self-Employed Group. “This acquisition will unlock critical upstream data that will allow us to create friction-less experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users’ businesses.”
In talking to Intuit over the last few months, this idea of removing friction is very much at the heart of the company’s current product plans, especially with regard to QuickBooks.
After the acquisition closes, Intuit plans to re-brand TSheets as Time Capture and turn TSheet’s Eagle, Idaho office into an Intuit office.