Intuit announces acquisition of Check
When one company decides to acquire another company, chances are that they have carefully considered all of the possible benefits and drawbacks that may result from the deal. One of the most important considerations is how a potential deal will work with a company's strategy. An acquisition should add value to the company that did not exist previously.
It was announced recently that Intuit will be acquiring Check, according to Tech Crunch. Intuit creates software that helps manage business and accounting. Some of the company's well-known products include TurboTax and QuickBooks. Intuit will acquire Check for a reported $360 million.
Check is a company that provides software for bill payment and mobile account management, allowing for mobile bill pay. Since Intuit already features financial service tools, this acquisition will help Intuit deliver more mobile services to customers.
"Intuit started when founder Scott Cook wanted a better way to balance the family checkbook," said Intuit's Consumer Ecosystem Group senior vice president and general manager Barry Saik in a press release. "Our commitment to solving important personal finance problems is steadfast. By joining with Check, we continue to address consumer needs and are taking the next step in the evolution of personal finance capabilities."
As TechCrunch notes, Intuit has been known to acquire companies that are in the early stages of developing their technologies. Through this acquisition strategy, the company is able to add to its growing portfolio of offerings. Intuit had already acquired other financial service tools, and the addition of Check could help strengthen the company's service offerings in this area.
Whether to add technology or talent, an acquisition is a strategic move that requires planning. Consulting with merger and acquisition specialists can help a company determine the best course of action.