Intuit Snaps Up Docstoc To Expand Small Business Ecosystem Empire


How do you go about starting a small business? Just as looking for a job is a full time job, setting up shop is in and of itself a tedious and time-sucking enterprise for those not fluent in legalese.

Docstoc, a one-stop shop for entrepreneurs and small businesses including documents and online tutorials from business experts was acquired today by Intuit, a provider of payroll and tax tools to small businesses for an undisclosed sum.

Intuit, which also owns popular personal finance app, Mint, purchased Docstoc as part of a strategy to create an entire ecosystem for small businesses and their needs.

“We want to be the operating system of choice for SMBs,” said Alex Chriss, Vice President and General Manager within Intuit’s small business division, adding that the company which had revenue this year of $4.2 billion, is “always looking” for more acquisitions that would help “solve small business pain.”

Jason Nazar spent the past 7 years building Santa Monica-based Docstoc from a document sharing platform to a site which now attracts more than 16 million unique monthly visitors and has over 40 million registered members worldwide. Previously a Partner at a venture consulting firm in L.A. Nazar is also the creator and host of Startups Uncensored, the longest running and most widely attended technology gathering in Southern California, which regularly brings together thousands of entrepreneurs, techies and investors.

“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.”

Docstoc raised just $4 million in funding from VC Rustic Canyon as well as notable angel investors including co-founders in MySpace, LowerMyBills,, PriceGrabber and Baid.

“They had such an amazing array of content,” said Chriss of Docstoc, which spent this year releasing new features including iPad apps, articles, tutorials and videos alongside a document sharing platform and growing library of both free and purchasable legal, business, financial, technical, and educational documents. “There are 28 million small businesses in the U.S and they have a ton of questions,” said Chriss.

Docstoc’s vast user base will no doubt help push entrepreneurs towards Intuit’s tax and accounting tools aimed at small businesses.

As part of Intuit, Docstoc’s team of 50 employees will stay at their Santa Monica HQ and continue to be led by Nazar. As an Intuit company, Docstoc will have the resources to develop even more products and services aimed at entrepreneurs and small businesses, Nazar said.

Docstoc bought BestVendor in August this year, a Yelp-like directory to provide small businesses with recommendations for choosing different software and cloud services.

About the author 

Daniel Latto

Daniel Latto is the owner and Director of The Daniel Latto Group, a Full Service Digital Marketing Agency.

Daniel advises businesses on marketing on Social Media using both Paid and Organic content. His top rated iTunes Podcast; 'The Wealth Creation Show' has hundreds of thousands of listeners around the world.

Daniel originally became Financially Free through property, with a Multi Million Pound Property porftolfio in Leeds.

He now lives in Spain on the shores of the Mediterranean.

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