Intuit Expands Merchant Services Business Through Acquisition
Intuit announced today that it is acquiring Innovative Merchant Solutions, a Calabasas, Calif.-based provider of credit and debit card processing services for small businesses. Intuit said it is paying $116 MM to acquire the company which had net revenues in 2002 of $25 MM.
"The acquisition of IMS enables Intuit to strengthen our offering for a critical 'beyond-accounting' service - merchant account services," said Steve Bennett, Intuit's president and chief executive officer. "Intuit has had a great track record with our existing merchant account service. Starting from zero three years ago, we've attracted 40,000 customers and created a $9 million business with a limited offering. IMS enables us to expand from that base by providing merchants with an enhanced offering, including a broader range of payment options such as PIN debit card processing and swipe terminals. In addition, we'll be able to provide an easy-to-use offering that tightly integrates with QuickBooks and is backed by service levels that exceed those in the industry today."
Stumble It!
Add your comment... (note that all comments are reviewed before they're published)