Intuit Inc, the American software company behind financial and tax preparation software Quickbooks, Mint.com, Turbo Tax and Quickbooks has been hitting the headlines of late.
In June the company laid off 399 people (about 5 percent of the company’s 8,000 employees), in a re-alignment of the company. Patrick Barry had also stepped back from leading Demandforce, though he remains an employee of Intuit.
In August as part of its quarterly earnings, the company said that it would divest several business units, including Demandforce, QuickBase and Quicken. A subsequent leaked internal memo from CEO Brad Smith confirtms that a further 249 employees are to be laid off, mostly in the company’s Small Business Group, according.
The company is trying to bolster growth by focusing on its main businesses after weathering a difficult tax season for its popular software. Intuit faced challenges this year when it alienated some customers by changing the pricing of some of its widely used products and temporarily halting state-tax processing after its service was used to file a large number of fraudulent returns.
Then in early September customers of DocStoc a company which Intuit acquired in late 2013 for an undisclosed sum, were informed that the service would be terminated on December 1st.
Docstoc was in 2007 by Jason Nazar.
Docstoc was an electronic document repository and online store, aimed at providing professional, financial and legal documents for the business community. Users can upload, share and sell their own documents, or purchase professional documents written in-house by professionals and lawyers.