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Financial-services firm Intuit extended its buying spree today with the announcement that it purchasing PaySuite, a U.K.-based provider of self-service online-payroll services.
Terms of the deal are not public. In early April, PaySuite announced its integration with the QuickBooks Online accounting system “to give small businesses access to their accounts and payroll in one place.” The integration enabled PaySuite’s payroll system to work from within QuickBooks.
“Payroll is core to QuickBooks Online’s global growth,” Intuit VP and U.K. managing director Rich Preece told VentureBeat. “PaySuite’s technology and compliance expertise will accelerate and strengthen Intuit’s reach in the UK and help immediately hasten QuickBooks Online conversion in the region, and over time, increase the lifetime value of Intuit’s ecosystem.”
Once Inuit integrates the PaySuite team and U.K. users, “We’ll look at the potential to reach additional regions,” Preece said.
“The partnership has been a great success and now we’ve decided to join with Intuit so we can continue to develop and improve the lives of small businesses, accountants and bookkeepers across the U.K. and around the world,” PaySuite said in a post on its blog.
With PaySuite, a small-business owner inputs hours for each worker, and the system calculates taxes, creates an electronic payslip, and sends the info to the U.K. tax authority.
In the fiscal year ending in July, the Mountain View, Calif.-based Intuit scooped up nine small companies: KDK Softwares, Check, Lettuce, CustomerLink, Docstoc, Good April, Full Slate, Level Up Analytics, and Prestwick Services.
Intuit’s products include the Quicken and TurboTax personal-finance programs and small-business accounting product QuickBooks.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship produc... read more »
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