Intuit Inc. has entered an agreement to buy Check for $360 million, adding payment capabilities to its online and mobile personal financial management (PFM) offerings.
The target has about $47 million in venture capital backing from Morgenthaler Ventures, Pitango Venture Capital, Menlo Ventures and individuals.
The technology complements Quicken, Intuit's desktop personal financial management software, and Mint, an online PFM providerIntuit bought in 2009for $170 million. Check waspreviously 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 itdoes not allow users to make payments; this messaging was meant to easesecurity concernsover 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," says Saik, 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 Journalreported April 29 that the companies werein talks about an acquisition.