US software giant Intuit has acquired Australian startup Invitco, maker of accounts payable processing app Invitbox.
The cloud-based PDF data extraction program would be integrated into Intuit’s technology group and used “across many Intuit offerings”. A likely candidate for integration is cloud accounting program QuickBooks Online which Intuit has sold in Australia for the past two years.
“Over the past year Intuit has been building its presence in Australia and we are thrilled to become part of that team, bringing to it the local knowledge, opinion and advice that you have all given us over the last three years,” Roger Gregg, CEO of Invitbox, wrote on the company blog.
Invitbox would continue to operate as an independent unit and integrate with accounting programs from Intuit’s competitors, Gregg said.
“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,” Gregg said.
The three-year-old Invitbox had won over many accounting firms, hospitality companies and other industries with high volumes of invoices for streamlining the accounts payable process.
More acquisitions were in the pipeline, Intuit added in its press release. “Intuit is assembling the technology that is the foundation for its small business ecosystem through building, buying and partnerships with its growing community of developers.”
Areas of interest included cloud, social and user contributions and paperless, sustainable office environments.