Intuit To Acquire GoCo For Undisclosed Terms; Stock Up In Pre-market

(RTTNews) - Intuit Inc. (INTU), a financial technology platform, on Wednesday announced that it has signed an agreement to acquire an HR platform, GoCo.io, Inc. The deal is expected to close in the fourth quarter, and the financial terms were not disclosed.

Shares of Intuit are increasing by around 3% in the pre-market trading.

The partnership is expected to allow it to offer an all-in-one Human Capital Management or HCM solution, helping businesses streamline hiring and manage their employees more efficiently.

The acquisition marks a major move in Intuit's plan to support mid-sized businesses through a unified platform.

GoCo was founded in 2015 which provides HR and benefits tools for small and mid-sized businesses, and its AI features will enhance Intuit's platform, including QuickBooks Payroll and Enterprise Suite.

In the pre-market trading, Intuit is 3.67% higher at $605 on the Nasdaq.