We learned this evening (May 14) that Intuit has added another company to it's list of acquisitions for the year. An email from the company stated that "invitco is a Sydney-based company that has developed cloud-based data extraction technology from system-generated financial and business documents. The company’s first product, invitbox, was the world’s first cloud-based data extraction suite and approvals process for supplier bills, revolutionizing how accountants and bookkeepers manage their clients’ Accounts Payable processing."
The email further stated, "With this acquisition, we’re gaining invitco’s patent-pending PDF data extraction technology and proven user contribution capabilities that could be applied across all Intuit products. We also see the combination of QuickBooks Online and invitco’s data extraction technology as a powerful solution for bookkeepers and accountants, helping them save time and grow their practices by eliminating the need to perform repetitive data entry tasks. Together, Intuit and invitco will enable more and more Australian businesses to shift their accounting practices online."
In the company's blog, Roger Gregg, CEO invitco said (to customers about the acquisition), ",we will still be here to service your accounts payable needs. Our telephone number remains the same, so you’ll still be able to reach us.
All the buttons that you see in invitbox will remain. Along with Intuit, we are committed to an open API approach, allowing you to continue to choose which accountancy software you feel is right for you. We will continue to advise you on your AP solution, and we will continue to work toward improving and expanding our functionality." (Read the entire post here)
If anyone is keeping track, invitco is Intuit’s seventh acquisition this fiscal year (FY’14 ends on July 31, 2014) following the recent acquisitions of Lettuce, Docstoc, Good April, Full Slate, Level Up Analytics and Prestwick Services.