Founded out of Idaho in 2006, TSheets’ cross-platform app enables employees to clock in and out of a shift using their own mobile devices, with GPS serving to confirm an employee’s location. It also allows managers and admins to schedule employee shifts, with changes showing up for everyone in real time.
Palo Alto-based Intuit is among the more recognizable brands in the finance software sphere. Among the most popular tools is accounting software QuickBooks, which TSheets has integrated with since 2012 through the QuickBooks app store. Last year, Intuit and TSheets announced a deeper integration of their respective software, with QuickBooks customers now able to leverage TSheets to manage their employees’ scheduling and time-tracking without leaving QuickBooks.
This acquisition makes a great deal of sense. According to Intuit, 12,000 businesses are already using both QuickBooks and TSheets, and bringing TSheets in-house will help Intuit create tighter alignments between the software.
“With TSheets as part of Intuit, we have a tremendous opportunity to provide millions of small businesses and self-employed [users] a smarter, simplified way to quickly and accurately track their time, send invoices, run payroll, and understand profitability by project,” said Alex Chriss, SVP and chief product officer for Intuit’s small business arm. “This acquisition will unlock critical upstream data that will allow us to create frictionless experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users’ businesses.”
Notably, aside from a small undisclosed angel funding round back in 2008, TSheets had only raised $15 million in equity funding in 2015, so a $340 million sale seems like an excellent exit for TSheets and Summit Partners, its main investor. The price also suggests that Intuit was desperate to buy the company, with TSheets claiming some 35,000 customers globally and known to have been profitable for some time.
“Similar to Intuit, TSheets has built an amazing product, created a strong company culture, and built a reputation on outstanding customer support,” added TSheets cofounder and CEO Matt Rissell. “With this transaction, we will work together to vastly improve the customer experience and product benefits of the TSheets and QuickBooks integration.”
Intuit said that it expects the acquisition to close in Q2 2018.