Intuit Inc. (Nasdaq: INTU) said today that it will acquire workers' compensation payment solutions provider prestwick services, by signing a definitive agreement to acquire privately held prestwick services, a subsidiary of Prestwick Holdings, a Mass. based payroll based billing and payment solutions for the workers' compensation industry. 

"This transaction furthers our commitment to helping small businesses manage every aspect of their business, so they can be free to focus on doing what they really love," said Ginny Lee, senior vice president and general manager of Intuit's Employee Management Solutions division. "We are very pleased to be adding a team that brings deep insurance industry experience as well as their robust TRUPAY technology platform. Together, we look forward to providing more benefits to our small businesses customers as we work to bring even more insurance carrier partners onto the platform." 

When the transaction closes, Prestwick Services' will become part of Intuit's Employee Management Solutions Division.

"Our drive has always been to make running a business simpler. Intuit's expertise in doing just that, coupled with our TRUPAY technology, will enable workers' compensation insurance carriers to better serve their small business clients with flexible payment options while retaining the benefits of existing client-agent relationships," said Adam Black, founder of Prestwick. "As part of Intuit, we'll be able to benefit millions of payroll customers by putting our technology into the hands of a trusted brand that has a long history of innovation and delighting customers." 

Transaction expected to close Q2 of fiscal year 2014, which ends January 31, and is subject to customary closing conditions, the statement said.