Intuit’s international headquarters yesterday announced it has signed to acquire TSheets, which is an automated time tracking platform.
TSheets has been a long-standing partner of Intuit, as well as other major software vendors such as Xero.
The transaction is valued at approximately $340 million of cash and other consideration, and Intuit expects the deal will close in the first half of 2018.
TSheets has about 35,000 clients with approximately 500,000 workers managed through its platform.
“We have a tremendous opportunity to provide millions of small businesses and self-employed a smarter, simplified way to quickly and accurately track their time, send invoices, run payroll, and understand profitability by project,” said Alex Chriss, senior vice president, chief product and platform officer for Intuit’s small business and self-employed group.
“This acquisition will unlock critical upstream data,” he added.