TurboTax developer Intuit announced on Monday that it plans to purchase California-based mobile bill pay provider Check in a $360 million acquisition intended to expand and build the company’s presence in the mobile market.
According to a report from Aite Group released in September, American consumers spent an estimated $3.8 trillion paying more than 14 billion bills in 2013. The report estimated that more than half of all bills paid by U.S. consumers in 2013 would be paid through online and mobile bill payments services.
Intuit’s offerings include Quicken and Mint, which provide customers a review of transactions and finances, along with tax software TurboTax. With the acquisition of Check, Intuit will be able to expand its offerings to include the Check bill pay mobile app.
“Intuit started when founder Scott Cook wanted a better way to balance the family checkbook,” Barry Saik, the senior vice president and general manager of Intuit’s consumer ecosystem group, said. “Our commitment to solving important personal finance problems is steadfast. By joining with Check, we continue to address consumer needs and are taking the next step in the evolution of personal finance capabilities.”
After the deal is closed, which is expected before year’s end, Check will join Intuit’s consumer ecosystem group, where Check Co-Founder and CEO Guy Goldstein will serve as senior vice president.
“Mobile is a key driver of bill pay opportunities,” Goldstein said. “We look forward to merging our talent, mobile mindset and spirit of innovation with Intuit to build products that delight consumers and become a part of their everyday financial lives.”