As of today, Intuit Inc. has one more tool in its arsenal for its business clients. The financial and accounting software maker has agreed to purchase Docstoc, an electronic document repository service for small businesses.
Financial terms of the deal were not disclosed. Docstoc’s team of 50 employees will remain in Santa Monica, Calif., and will continue to be led by Docstoc’s co-founder and chief executive Jason Nazar.
"Together we will have an unprecedented opportunity to help entrepreneurs make their businesses better," Nazar wrote in an email message to customers today.
Since launching in 2007, Docstoc has raised only $4 million in two separate rounds of funding. The company says it has more than 40 million registered members worldwide.
Intuit says the acquisition will help the company "expand its offerings to solopreneurs, self-employed and independent contractors."
Docstoc is Intuit's latest purchase, as it also scooped up workers' compensation payment solutions provider Prestwick Services last month.
The acquisition is expected to close during the second quarter of Intuit’s fiscal year 2014, the company says.
Below is a video of Nazar from 2011. He talks about fostering innovation and the virtues of failing fast.