September 15, 2006, 12:00 AM

Intuit acquires StepUp Commerce for $60 million

Intuit will use the StepUp platform to power the new Product Listing Service in its QuickBooks accounting software, which enables retailers to forward product information and images to Google and other web sites.


Intuit Inc., provider of the popular QuickBooks financial accounting software, has acquired StepUp Commerce for about $60 million in cash, it said. The StepUp technology platform will power the new QuickBooks Product Listing Service, which lets retailers forward their product information and images for inclusion in ads on web properties such as Google and manufacturers’ sites. In addition, Intuit has formed an alliance with Google to let retailers use QuickBooks to list their businesses on Google Maps, post products to the Google Base listing service and manage search advertising campaigns with Google AdWords.

"The purchase of StepUp helps QuickBooks solve one of the biggest challenges for product-based businesses-customer acquisition," said Brad Smith, senior vice president of Intuit`s Small Business Division. "With StepUp`s services QuickBooks users will be able to significantly expand their reach by quickly and easily making their products searchable on the web."

StepUp will deliver its services under the QuickBooks brand but continue to be based out of San Francisco. StepUp founder and CEO Kendall Fargo will serve as a general manager of Intuit and report to Smith.

"Intuit is committed to partnering with best-in-class companies to help solve important customer problems," adds Steve Bennett, president and CEO of Intuit. "By partnering with a leading company like Google, we bring together Intuit`s strength in creating easy-to-use solutions with Google`s web expertise to offer leading-edge online services to help small businesses attract new customers."



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