Intuit Purchases Payvment’s Team, Tech And Patents

Intuit has purchased Facebook eCommerce platform Payvment and will acquire its employees, technology and patents, reports TechCrunch. Payvment previously announced that it was shutting down its social commerce platform and its companion shopping site as of March 1, 2013.

“Intuit has acquired a team of highly skilled developers who will be of great value to the social teams at Intuit,” the company said in a statement.

As reported earlier, Ecwid will acquire Payvment’s 200,000 merchants. TechCrunch speculates that this could be because Intuit wants Payvment’s “raw materials” to work with, but did not want to strand hundreds of thousands of online merchants in the process.

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