18 October 2017
visit www.response.ncr.com

Intuit completes PayCycle acquisition

24 July 2009  |  1496 views  |  0 Source: Intuit

Intuit Inc. (Nasdaq:INTU) has completed its acquisition of PayCycle, Inc.

PayCycle, based in Palo Alto, Calif., is a leader in online payroll for small businesses, accountants and financial institutions and serves more than 85,000 small businesses. Announced June 2, the approximately $170 million acquisition expands the online capability of Intuit's payroll offering and strengthens the company's position as a provider of software as a service for small businesses.

With the transaction completed, PayCycle becomes part of Intuit's small business group, which serves more than 1 million small business payroll customers. Intuit's history of providing low-cost, high-value payroll solutions, combined with PayCycle's innovative online platform, will benefit small businesses and the accountants, financial institutions and other third parties that serve them. Together, the companies are expected to accelerate the growth of Intuit's online payroll services and develop easy-to-use, next-generation tools to help small businesses be more efficient.

Intuit expects the acquisition to reduce its GAAP (Generally Accepted Accounting Principles) and non-GAAP earnings by approximately 2 cents per share in the fourth quarter of fiscal year 2009, which ends July 31. The charges primarily reflect costs associated with the write-down of software previously developed by Intuit and with integrating the two companies' workforces. Intuit does not expect the acquisition to have a material impact on fiscal year 2010 earnings.

 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15077 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8303 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7777 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7169 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6340 views comments | 8 tweets | 16 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job