Check, the developer of a mobile financial management app, has entered into a definitive agreement to be acquired by Intuit (NASDAQ: INTU) for $360 million. The company's app automates and consolidates the bill pay process all into one place, allowing users to monitor bills and accounts, receive alerts when bills are due or funds are low, and pay bills automatically. The acquisition will help accelerate Intuit’s ability to offer bill pay across small business and personal finance products, and create opportunities to retain, attract and serve additional customers.
Check, which raised a total of about $48 million in VC funding prior to being acquired, most recently landed a $24 million Series D financing in September 2013 that valued the company at $134 million. That latest funding round was led by Menlo Ventures and joined by investors including Morgenthaler and Pitango Venture Capital.