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Date Posted: 6/3/2009
Intuit to buy PayCycle for $170M
Intuit Inc. said Tuesday it has agreed to buy online payroll company PayCycle Inc. for about $170 million.
Mountain View-based Intuit (NASDAQ:INTU) said the deal will give it access to Palo Alto-based PayCycle's financial and small business clients.
Intuit said the deal will reduce earnings on by 2 cents a share in its fourth quarter.
"We share a common vision: using the Internet to deliver a secure and easy-to-use payroll solution to small businesses" said PayCycle CEO Jim Heeger, who is a former chief financial officer at Intuit.
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