I have been calling for Intuit to start rolling up a SaaS portfolio for a while. [Read: ADP and Intuit Should Acquire Some SaaS, Intuit Needs To Acquire Into SaaS and SaaS Acquisitions Recommended For ADP and Intuit].
Well, Intuit just acquired PayCycle for $170 million, which was right at the top of my recommendation list. René Lacerte, CEO of Bill.com, is the founder, whose story I covered in 2007. The CEO is an old friend, Jim Heeger, whose story you’ve also read here. CFO John Eichhorn just called me to share the news.
Congratulations Jim, John and René. You deserve every bit of this win!