Intuit To Acquire Bill-payment Service Check Inc For $360 Mln : WSJ

(RTTNews) - Accounting software maker Intuit Inc. (INTU) agreed to acquire bill-payment service Check Inc. for $360 million, the Wall Street Journal reported citing two people familiar with the matter.

The report said that the deal was signed on Friday and the two companies plan to announce it today.

More than 10 million people use Check's smartphone app to track and pay bills, according to the company.

Check, based in Palo Alto, Calif., makes money from advertisers that offer promotions for credit cards or insurance within the app. This year, Check expects revenue of more than $20 million, up from less than $15 million last year, the Journal reported quoting one of the people.

The sale to Intuit culminates a seven-year journey for Check Chief Executive Guy Goldstein, who co-founded the startup in 2007 as Pageonce, a service for managing bank accounts, social-networking profiles, shopping carts and other Internet profiles in one place. Last year, the company changed its name to Check and narrowed its focus to helping users track their personal finances and pay bills using their mobile phones, the report said.