Financial software maker Intuit to acquire Demandforce for $423.5 mn

Intuit Inc, the US-based maker of the Quicken financial software suite, yesterday said it will buy Demandforce, a software-as-a-service application provider, for $423.5 million in cash.

Founded in 2003, San Francisco-based Demandforce develops software-as-a-service applications designed to help customers to grow revenue, and manage their operations more effectively.

Demandforce flagship product Demandforce D3 connects Demandforce clients to over 18 million end consumers via email, text messaging and online services like Facebook and Twitter.

It has more than 35,000 small business users across 15 distinct industry segments in the US and Canada, and its clients include dentists, spas, salons, optometrists and chiropractors.

Post closing, Demandforce will become a new division in Intuit's Small Business Group and will continue to be led by Rick Berry, Demandforce president and founder.

Demandforce accelerates Intuit's expansion into high-value SaaS products for SMBs. Demandforce's email, mobile and social tools, such as online reviews, help SMBs better communicate with their customers and drive higher retention and growth in their businesses, said Intuit in a statement.