Eagle-based TSheets acquired for $340 million

TSheets CEO Matt Rissell said in an open letter that the move make TSheets available to more than 600,000 potential clients. (File Photo)

Just over two months after Eagle based TSheets held its grand opening of its new headquarters off Eagle Road, the company has been acquired for $340 million by Intuit.

"Intuit and TSheets share a long history of helping customers succeed together. Beyond our successful partnership (seven years to date), Intuit chose to acquire TSheets because of its product and technology capabilities, strong customer base, exceptional support and how they value employees by placing a premium on company culture," the company said in a news release.

TSheets CEO Matt Rissell says their company will go from being available to 16,000 accounting partners to more than 600,000 overnight.

He says customers will also get a much more seamless integration between all of Intuit's Quickbooks products.

"We are excited for what this means for your businesses and your clients as you continue to champion their cause and provide them with the real business insights they need to thrive," he said.

Rissell says this was exciting news to share with his team, but this isn't his first company to go through an acquisition. He has had 6 successful start ups.

He says anytime a business owners makes that kind of announcement it comes as a little but of a shock.

"After a couple minutes and the shock wears off and you really talk about the integration plan and what you're going to do together and when you can look every employee in the eye and say your job is just as secure today as it was yesterday," said Rissell. "The team got super excited about not only what we're doing, not only about the immediate future, but now what we can build and accelerate our vision"

The company currently employs about 260 people.

"TSheets is not going anywhere," says Rissell. "In fact we're going to add more than 100 jobs in the next year alone right here in Eagle."

As someone who has seen success in startups, he says he has entrepreneurs come up to him all the time asking for advice and the secret or key to success. He says he doesn't think there is any on secret, but rather that your are who you are because of the sum of the thousands, even millions of little decisions you make every day and every hour.

"One piece of advice that I do give is never let anyone else tell you when to quit. Even if you start to get a little bit of success, people they will tell you you know that you're not good or you're not gonna go anywhere, the idea is just stupid," says Rissell. "Never let anyone else tell you when to quit that decision is yours and yours alone."

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