Intuit Acquires Workers’ Comp Provider

Intuit will acquire privately held Prestwick Services, a subsidiary of Prestwick Holdings, the company announced. The Sudbury, Mass.-based Prestwick Services is a provider of payroll-based billing and payment solutions for the workers’ compensation industry.

Traditional workers’ compensation plans involve large pre-payments based on estimates, with the potential for substantial extra payments at year-end audits. With the acquisition of Prestwick Services and its TRUPAY technology, Intuit will open the platform that enables workers’ compensation insurance premiums to be calculated in real time, based on actual payroll, and will not require small business owners to switch insurance carriers or agents, Intuit says. The integration of Prestwick Services means more than 1 million Intuit payroll customers will have access to flexible payment options from 15 top insurance carriers, without requiring a change to their existing agent-client relationships.