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Intuit buys MyCorporation for $20 million

The tax-software company hopes the purchase will help them offer customers a do-it-yourself solution that's simple and affordable.

Intuit has signed a definitive agreement to buy MyCorporation.com for $20 million in cash, it announced on Wednesday. The Agoura Hills, Calif.-based, privately held firm offers services to small and mid-sized companies, helping them to incorporate. Intuit said the acquisition will not impact its financial results in fiscal 2006. The deal is likely to close within a month, it said.

"It will enable us to offer customers a do-it-yourself solution that's simple and affordable, much as we've done with online tax preparation and online accounting," Gordon Whitten, vice president of Intuit's small business tax initiatives, said in a statement.

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