US small business accounting software company Intuit Inc. (Nasdaq: INTU) is in talks to acquire the Israeli mobile wallet company Check Inc. (formerly Pageonce) for more than $350 million, the "Wall Street Journal" reports. According to the report, the talks are still in their early stage "and a final agreement may not be reached for two or more weeks."
Check has developed a smartphone app which can be used as an electronic wallet and is used by more than 10 million people to track and pay bills. Unlike bank bill payment services, Check's free mobile app can be used to pay any bill anytime, anywhere and with any payment method. Giving customers a complete view into their personal finances across multiple providers, the app makes it simple to see balances, view transactions, and make payments on the fly, including same-day payments, from a mobile device. Check - Bills & Money is a free app available in Google Play and the iTunes App Store.
Check was founded in 2007 as Pageonce by CEO Guy Goldstein and CFO Ahikam Kaufman and changed its name last year. The company is headquartered in Palo Alto, California and has its development center in Hod Hasharon
To date Check has raised $47 million from Pitango Venture Capital, Menlo Ventures and Morgenthaler Ventures. The company's business model is based on profits from ads on the app, mainly from financial institutions.
Check sees revenue of $20 million in 2014, up from $15 million last year.
According to the "Wall Street Journal" both Inuit and Check declined to comment.
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2014
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