Intuit has announced they will purchase TSheets the top rated time tracking APP on Apps.com. Matt Rissell, co-Founder and CEO of TSheets will assume the role of leader of
TSheets
TSheets is an employee time-tracking system that can be used on mobile devices and desktop computers connected connected to the internet. www.tsheets.com
Intuit's Small Business and Self-Employed Group after the acquisition, reporting to Alex Chriss, Sr. VP, Chief Prodcut and Platform Office.
Mr. Chriss stated, “This acquisition will unlock critical upstream data that will allow us to create friction-less experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users’ businesses. He further stated, “This acquisition will unlock critical upstream data that will allow us to create frictionless experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users’ businesses.”
Rissell stated, “Similar to Intuit, TSheets has built an amazing product, created a strong company culture, and built a reputation on outstanding customer support,” said Matt Rissell, TSheets co-founder and CEO. “With this transaction, we will work together to vastly improve the customer experience and product benefits of the TSheets and QuickBooks integration. We are excited for what this means for customers, as we continue to champion their cause and provide them with the real business insights they need to thrive.”
The transaction is valued at approximately $340 million of cash and other consideration, and is expected to close in the second quarter of fiscal 2018, subject to the expiration of applicable regulatory waiting periods and the satisfaction of other customary closing conditions. The transaction has no material impact on Intuit’s earnings guidance for second quarter and full fiscal year 2018.
Congratulations to the team at TSheets on the acquisition. Hard work pays off! What a great example for all of us who are working to build a business.
The question on everyone's mind now is "What is going to happen to my wardrobe? Will TSheets still give aways socks, thsirts and other items at events?" Only time will tell!