Intuit Inc agreed to buy Check Inc. for $360 million in a deal that was signed on Friday, reports Reuters, who noted a Wall Street Journal report that cited people familiar with the situation. Intuit is the developer of tax-preparation software TurboTax, while Check Inc is a bill-payment service,
This is the latest in a slew of acquisitions made by Intuit since 2013 as the company moves to expand its offerings into payments as opposed to pure financial management.
Prestwick Services, a workers' compensation payment solutions provider, was purchased by Inuit as part of the same push during in November of last year.
Check's smartphone app has been downloaded by more than 10 million people. It allows users to track and pay their bills, according to the company. The app additionally sends reminders about bills as their due dates approach and monitors bank accounts and credit cards.
Neither company was available for comment during the long Memorial Day weekend.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.