Intuit, a California-based software company, signed an agreement to buy TSheets, a Treasure Valley software company, for $340 million in cash and other assets, both companies announced today.
In a press release, Intuit states TSheets founder Matt Rissell will stay in a leadership role in the integrated company. Intuit's product QuickBooks is the world's largest small business payroll software product, with more than 12,000 customers. Intuit's press release states TSheets is already a partner of Intuit and is one of the most popular applications on Intuit's platform.
Rissell added in an open letter that the move makes TSheets available to more than 600,000 potential customers.
TSheets employs close to 260 people. The announcement comes two months after TSheets held its grand opening of its new headquarters off Eagle Road.