American software company Intuit has agreed to acquire mobile payments firm Check in a deal worth $360m, signing a definitive agreement with the company.
Intuit that offers personal finance solutions Quicken and Mint stated that the acquisition is aimed at expanding its mobile app portfolio that enable its clients to manage everyday financial tasks such as bill payment and household budgeting.
Intuit’s Consumer Ecosystem Group senior vice president and general manager Barry Saik said Intuit started when founder Scott Cook wanted a better way to balance the family checkbook.
"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," added Saik.
Currently serving over 10 million registered users, Check’s mobile app automates and consolidates the bill pay process all in one place, allowing the users to monitor bills and accounts, and paying bills automatically, besides alerting them for defaulted bills and low funds.
Following the conclusion of the agreement expected in the fourth quarter of 2014, Check will join Intuit’s Consumer Ecosystem Group and its Israel site will become an Intuit location. Check co-founder and CEO Guy Goldstein will be appointed the vice president.
Goldstein said: "Mobile is a key driver of bill pay opportunities. We look forward to merging our talent, mobile mindset and spirit of innovation with Intuit to build products that delight consumers and become a part of their everyday financial lives."
The agreement is subject to the expiration of applicable regulatory waiting periods and other customary closing conditions.