Sydney-based startup invitco has been purchased by online small business and accounting solution company Intuit Inc.
Invitco was launched in 2011 and offers cloud-based data extraction technology with its product invitbox, a tool for bookkeepers and accountants which streamlines accounts payable processes.
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CEO and founder of invitco Roger Gregg says terms of the acquisition are not being disclosed.
He says once the deal is finalised invitco will eventually start using the Intuit brand, but invitbox will continue to be sold as a standalone product.
“The open API and the partner integration will not change – we’ll be able to talk more about the product roadmap once the transaction closes and as invitbox is integrated with Intuit,’’ he says.
“Given both Intuit’s and invitco’s belief in open platforms, customers can continue to choose a solution that integrates into their existing environment.
“invitco’s invitbox product will continue to be sold through the invitbox web site, with support from the existing invitco team, so that any small business, accountant, and bookkeeper can purchase and use the product. It will also be sold as an add-on to QuickBooks Online.
“Initially, invitbox will only be available for customers in Australia and New Zealand. However, this acquisition allows Intuit and invitco to build a longer term integrated roadmap that will focus on making it easier for businesses to operate in the cloud using QuickBooks Online.”
Gregg says he takes great pride in how far his business has come after beginning as a “little boot-strapped startup from Surry Hills” and believes the business can move forward with the support of Intuit.
“We have great admiration for Intuit. From the moment we presented our vision to them, it was clear that we shared a visionary approach for the future of accounting software,” he says.
“We’ve been on a charter to give our bookkeepers and accountant customers advanced technology that frees them from having to perform repetitive tasks so they can focus on more strategic value and services for their clients.
“Sounds very much like Intuit’s focus of enabling accountants to save time and grow their practice.
“So who better than Intuit to join us on our quest to make the future of accountants paper free and data entry free?”