Intuit Inc. (Nasdaq: INTU) today announced the acquisition of StepUp Commerce, Inc., a leading provider of services that enable local businesses to convert online shoppers into in-store customers.
StepUp's technology platform will power the new QuickBooks Product Listing Service, which is designed to help local businesses attract buyers to their shops by making their product information and images available online through established entities such as Google. Additional information about StepUp is available online at www.StepUp.com.
"The purchase of StepUp helps QuickBooks solve one of the biggest challenges for product-based businesses customer acquisition," said Brad Smith, senior vice president of Intuit’s Small Business Division. "With StepUp's services QuickBooks users will be able to significantly expand their reach by quickly and easily making their products searchable on the Web."
StepUp will deliver their services under the QuickBooks brand and continue to be based in San Francisco, Calif. The team is led by Kendall Fargo, who founded StepUp in February 2004 and is now a general manager at Intuit, reporting to Brad Smith.
"This acquisition allows StepUp to leverage Intuit's unmatched knowledge and experience with small businesses," said Fargo. "By joining forces, we can greatly enhance our local product marketing services for our customers and partners."
Intuit acquired StepUp and the company's subsidiary, JGSI Corporation for approximately $60 million in cash. Intuit does not expect the acquisition to have a material effect on financial results in fiscal 2007.