Intuit Acquires Technology Patents from Payvment that is Closing Down

Intuit is currently in the process of acquiring Payvment, and it plans to add directly the technical staff, technology, and patents to its Intuit team, assets and portfolio. The potential for Intuit is that it may have a strategy to utilize its customer base and offer them new capabilities in terms of offering Facebook ads for businesses digital marketing campaigns.

This development follows on the news that the specialist Facebook e-commerce Payvment, has today announced on its website that is closing down.  It also follows that the current Payvment e-commerce merchants (200,000), are being automatically transferred to Ecwid. 

Payvment CEO Jim Stoneham stated: “The story from our side is quite simple – we have built an amazing team and have broken a lot of new ground around using social and commerce ‘big data’ to empower SMBs – and another company who knows our work and team decided he were a great fit to help them more rapidly achieve their objectives in social and big data,” This company did not intend to directly continue our current business, so we talked to a number of top-notch commerce platform companies and ultimately partnered with Ecwid to ensure our large base of SMB sellers can keep moving forward.”

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