BOISE -- A fast-growing Treasure Valley technology company has been purchased by Intuit Inc. for $340 million in cash and other considerations, company officials announced Tuesday.

Eagle-based TSheets specializes in automated scheduling and time-tracking software for small and medium-sized businesses. The company will be integrated with Intuit's Quickbooks platform, the company said.

"With TSheets as part of Intuit, we have a tremendous opportunity to provide millions of small businesses and self-employed a smarter, simplified way to quickly and accurately track their time, send invoices, run payroll, and understand profitability by project," Alex Chriss, Senior Vice President, chief product and platform officer for Intuit's Small Business and Self-Employed Group said in a press release. "This acquisition will unlock critical upstream data that will allow us to create frictionless experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users' businesses."

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According to Intuit officials, TSheets has already been integrated with Intuit's small business offering, and is among the most popular apps on the company's platform, with more than 8,000 5-star reviews.

Launched in Idaho in 2006, TSheets has enjoyed ballooning success, recently expanding to a larger location in Eagle and growing to 35,000 customers with over 500,000 workers managed through their platform.

The company was also named one of 2017's "Best Places to Work In Idaho."

"Similar to Intuit, TSheets has built an amazing product, created a strong company culture, and built a reputation on outstanding customer support," said Matt Rissell, TSheets co-founder and CEO. "With this transaction, we will work together to vastly improve the customer experience and product benefits of the TSheets and QuickBooks integration. We are excited for what this means for customers, as we continue to champion their cause and provide them with the real business insights they need to thrive."

RELATED: TSheets to start moving into new space in May

Once the acquisition is finalized - projected for the second fiscal quarter of 2018 -Time Capture will become a new offering within Intuit's Small Business and Self-Employed Group.

TSheets current site off of Eagle Road in Eagle will become an Intuit location.