Intuit Inc. (Nasdaq: INTU) today announced it has completed its acquisition of Innovative Merchant Solutions (IMS), a Calabasas, Calif.-based provider of credit card and debit card processing services for small businesses.
"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. "We've had strong growth with our QuickBooks Merchant Account Service over the past several years. With IMS, we are able to give customers even more capabilities, including a broader range of payment options and an easy-to-use offering that tightly integrates with QuickBooks software."
Founded in 1999, IMS offers a full range of merchant account services to small businesses nationwide. Joe Kaplan, the company's chief executive officer, continues to lead the IMS team and all of its 110 employees have joined Intuit.
Intuit acquired all of the equity of IMS for up to approximately $116 million in cash. Intuit announced its plans to acquire IMS on Sept. 2, 2003. The transaction closed on Oct. 4.