MOUNTAIN VIEW, CA — TSheets, the small business time-tracking and scheduling company popular within the carpet cleaning and restoration industry, will be acquired by business financial software company QuickBooks, according to a press release.

“With TSheets as part of Intuit, we have a tremendous opportunity to provide millions of small businesses and self-employed a smarter, simplified way to quickly and accurately track their time, send invoices, run payroll, and understand profitability by project,” said Alex Chriss, senior vice president and chief product and platform officer for Intuit’s Small Business and Self-Employed Group. “This acquisition will unlock critical upstream data that will allow us to create frictionless experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users’ businesses.”

The company, which already was integrated with Intuit’s small business offering, is a long-standing Intuit partner. More than 12,000 businesses currently uses TSheets and QuickBooks together for a single solution for time tracking as well as streamlined invoicing and payments. The company has one of the most popular apps on Intuit’s open platform with over 8,000 5-star reviews and has more than 35,000 customers.

“Similar to Intuit, TSheets has built an amazing product, created a strong company culture, and built a reputation on outstanding customer support,” TSheets co-founder and CEO Matt Rissell said in the release. “With this transaction, we will work together to vastly improve the customer experience and product benefits of the TSheets and QuickBooks integration. We are excited for what this means for customers, as we continue to champion their cause and provide them with the real business insights they need to thrive.”

The transaction, which is expected to close in quarter two of the 2018 fiscal year, is valued at approximately $340 million.

Once the transaction closes, Time Capture will become a new offering within Intuit’s Small Business and Self-Employed Group with TSheets’ Eagle, Idaho, site becoming an Intuit location. Rissell will continue to lead the division under Chriss.

Rissell also wrote an open letter concerning the acquisition; it is available on the TSheets website.