Intuit Acquires Exactor for Undisclosed Sum

Business and financial software company Intuit announced that it has signed an agreement to acquire Exactor, a leading cloud-based SaaS technology provider of sales and use tax calculation and filing.

Exactor is “revolutionizing sales tax compliance” with its next-generation, end-to-end solution for sales tax compliance efforts, including tax calculation, record keeping, and tax processing. The company’s cloud-based software as a service (SaaS) system introduces to sales tax compliance the same high standards and ease of use typically associated with payroll taxes. Intuit plans to integrate this feature into QuickBooks Online, allowing its retail customers to track and file sales tax returns “on time, every time.”

“Sales and use tax is incredibly complicated, constantly changing and generally bewildering to most retail business owners and getting it wrong can have severe consequences,” said Alex Chriss, senior vice president and chief product and platform officer for Intuit’s small business and self-employed segments. “That’s why we’re so excited to provide this to our retail customers. Integrating Exactor’s technology into Intuit’s platform will save customers time and give them the confidence and peace of mind that their taxes are done.”

The startup had previously raised $3.3 million.