Boston based in-store mobile payments company AisleBuyer has reportedly been sold to Intuit for $80 to $100 million, according to website BostInno. While not quite on par with Facebook’s $1 billion acquisition of Instagram, the AisleBuyer deal represents quite a boon for a firm having reportedly raised only $11.5 million in funding. BostInno reports that the deal is focused on AisleBuyer’s technology, as Intuit seems interested in only acquiring the company’s engineering team. From BostInno:
We have just heard word that mobile payments startup AisleBuyer has been acquired by Intuit for a whopping $80-$100 million in a technology fueled buyout. AisleBuyer has raised a total of $11.5 million in funding through a number of financing rounds. Boston Mass based AisleBuyer was founded in 2009 and provided a smartphone driven self checkout solution that aims to improve in-store shopping experience by eliminating the need to wait in line.
By scanning a product barcode using the app, shoppers can read product details and customer reviews and then make a purchase on the spot – either in-store by skipping the line or online by opting for home delivery. They can also browse a retailer’s entire product catalog from within the app, another new feature.
We were extremely bullish on AisleBuyer early on, but after a series of major partnership delays we became skeptical of their future. Their technology is powerful, and it appears to be what Intuit is after, as it looks like only the engineering team is part of the deal.
Click here to read more from BostInno.