MOUNTAIN VIEW, Calif. Intuit Inc. has agreed to buy EmployeeMatters, a provider of online human resource management, benefits, and payroll services, for $39 million in stock.
Intuit has made its name as a provider of personal financial management software but has been expanding its small-business products and services. Intuit president and chief executive officer Steve Bennett said buying the privately held Stamford, Conn., company would bring his company into the high-growth employee benefits field and help Intuits per-customer revenues increase.
The deal, which was announced last week, would also give Intuit a stand-alone payroll service for small-business owners who want the flexibility of online payroll management, Mr. Bennett said.
