It remains to be seen what impact Intuit Inc.'s purchase of PayCycle Inc. will have on the credit union industry's relationship with the online payroll service provider and member-owned small businesses.
Intuit, the Mountain View, Calif.-based financial management giant and maker of such popular products as Quicken, QuickBooks and TurboTax, recently announced that it had signed an agreement to buy PayCycle in a cash transaction deal worth approximately $170 million.
Launched in 1999, the Palo Alto, Calif.-based PayCycle was founded by former Intuit employees Ren? Lacerte and Martin Gates. According to PayCycle's Web site (www.paycycle.com), the two, who played a part in leading QuickBooks into the payroll services area, decided to start their own company. Privately held PayCycle now serves more than 85,000 small businesses through the incorporation of Intuit's flagship products. The company also has alliances with credit unions.
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