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Intuit acquires mobile bill pay company Check

Intuit Inc. today announced it has entered into a definitive agreement to purchase Check, a Palo Alto, Calif.-based mobile bill pay company that serves 10 million registered users, for $360 million.

Intuit said in a press release the acquisition will help it accelerate its ability to offer bill pay across small business and personal finance products and create opportunities to retain, attract and serve additional customers.

Check's mobile app automates and consolidates the bill pay process all in one place. Check customers can monitor bills and accounts, receive alerts when bills are due or funds are low and pay bills automatically.

"Intuit started when founder Scott Cook wanted a better way to balance the family checkbook," Barry Saik, senior vice president and general manager of Intuit's consumer ecosystem group, said in a press release. "Our commitment to solving important personal finance problems is steadfast. By joining with Check, we continue to address consumer needs and are taking the next step in the evolution of personal finance capabilities."

Once the transaction closes, Check will join Intuit's Consumer Ecosystem Group.