Intuit to Buy Mobile Bill Pay App Provider Check for $360M
Intuit Inc. has entered an agreement to buy Check for $360 million, adding payment capabilities to its online and mobile personal financial management offerings.
The technology complements Quicken, Intuit's desktop personal financial management software, and Mint, an online PFM provider Intuit bought in 2009 for $170 million. Check was previously called PageOnce, and changed its name a year ago to complement its new focus on payments. Mint, by contrast, has emphasized from its launch that it does not allow users to make payments; this messaging was meant to ease security concerns over its model of aggregating data from multiple bank accounts.
Intuit expects the purchase to close in the fourth fiscal quarter of 2014. When the transaction closes, Check will become part of Intuit's consumer ecosystem group and Guy Goldstein, Check's co-founder and CEO, will become a vice president reporting to Barry Saik, senior vice president and general manager of this division.
"Our commitment to solving important personal finance problems is steadfast," Saik said in a May 27 press release. "By joining with Check, we continue to address consumer needs and are taking the next step in the evolution of personal finance capabilities."
The Wall Street Journal reported April 29 that the companies were in talks about an acquisition.