Intuit Snaps Up Docstoc
Financial software maker Intuit announced Wednesday morning that it has agreed to acquire small-business resource site Docstoc.
Docstoc CEO Jason Nazar co-founded the company with CTO Alon Schwartz in 2007 with the idea of creating a one-stop shop for all the documents an entrepreneur might need to start a business. The company offers online courses on building businesses, templates for legal documents and contracts, resources for obtaining business licenses, and product recommendations. He says the acquisition will help Docstoc reach more entrepreneurs and create even better products for them.
"There are 28 million small businesses in the country. We want to help them do something transformative," Nazar told Inc. "Intuit has such a great brand and will help us do that."
Nazar says Docstoc has been profitable for about three years but did not disclose revenue. The company makes money through advertising, subscriptions to its services, and sales of its tools. A news release about the deal said Docstoc's website attracts 16 million unique visitors a month.
The terms of the deal were not disclosed. To date, Docstoc has raised $4 million in funding from VC firm Rustic Canyon and other investors.
Docstoc's 50 employees will remain in Santa Monica and Nazar will continue to lead operations.
In 2012, Docstoc launched a sister site, License123, to help business owners navigate the sometimes thorny process of obtaining city-specific licenses. The idea was born out of an internal pitching competition among employees.
To hear more about Docstoc's start-up story, check out this live chat with Nazar from 2010.