Intuit® has entered into an agreement to acquire invitco, a Sydney, Australia-based start up responsible for developing a cloud-based solution that transforms the way bookkeepers and accountants work. We expect the transaction to close in a few days.
This acquisition showcases Intuit’s continuing commitment to solving problems for small businesses, accountants and bookkeepers around the world, and will bring streamlined accountants payable processes to Australian bookkeepers and accountants.
Founded in 2011, invitco is the world leader in cloud-based data extraction from system-generated financial and business documents. They are focused on developing leading technology specializing in the receipt, processing, and data extraction from PDF files in the cloud.
With this acquisition, Intuit gains invitco’s patent-pending PDF data extraction technology and proven user contribution capabilities that could be applied across all Intuit products.
In a competitive marketplace, Intuit also sees the combination of Intuit’s QuickBooks Online accounting software and invitco’s data extraction technology as a powerful solution for bookkeepers and accountants. Together, Intuit and invitco will enable more and more Australian businesses to shift their accounting practices online.
Click here to read what invitco CEO Roger Gregg has to say about the excitement of becoming part of Intuit, and how the missions of both companies align to help customers save time, grow their practice and provide more strategic value to their clients.
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