Docstoc, founded in 2007, has quickly become a go-to resource for new and emerging businesses and is a leading tech company in Southern California. The company provides a broad array of user-generated and proprietary documents, articles and videos that help small businesses on topics including business plans, licensing, marketing, human resources, and financial management. In recent years, Docstoc has complemented its content offering with tools such as License123 (business licenses) and ExpertCircle (product recommendations).
As part of Intuit, Docstoc’s team of 50 employees will maintain operations in Santa Monica and will continue to be led by Docstoc’s CEO and co-founder, Jason Nazar. Docstoc.com regularly attracts more than 16 million unique monthly visitors with over 40 million registered members worldwide.
The acquisition will help Intuit expand its offerings to solopreneurs, self-employed and independent contractors. In the U.S. alone, there are more than 22 million entrepreneurs looking for assistance to start and grow their businesses. Combining Intuit’s powerful brand, customer reach and small business savvy with Docstoc’s platform, broad content and popular tools will ultimately help more small businesses succeed.
“Our vision is to be the ultimate destination and resource site for small businesses. We’re extremely excited to continue to pursue this shared vision with Intuit, a world leader of solutions for small businesses,” said Nazar. “Together we will have an unprecedented opportunity to help entrepreneurs make their businesses better.”
“As we strive to be the operating system behind small business success, we are looking for solutions and teams that best serve small businesses, and Docstoc stood out as a clear leader,” said Alex Chriss, a vice president and general manager within Intuit’s small business division. “Docstoc’s model of harnessing the contributions of the community, customer-centric mindset and fast-paced culture will flourish as part of Intuit.”
The transaction is expected to close during the second quarter of Intuit’s fiscal year 2014, which ends Jan. 31, and is subject to customary closing conditions. The purchase terms were undisclosed.