Web hosting company Go Daddy has announced that it is acquiring Outright, a cloud-based financial management application company based in Mountain View, California. However, the company has not disclosed the financial terms. Co-founder Ben Curren, Aldrich and all other Outright colleagues are joining Go Daddy. The team will remain anchored in Silicon Valley.

Outright is Go Daddy’s first strategic acquisition after it received a large investment from KKR, Silver Lake and Technology Crossover Ventures in December

Outright was formed to offer an alternative to the frustrating and hard-to-maintain spreadsheets currently used by most small businesses. The company’s mission is to provide small business owners simple, data-driven and community-enabled business management applications. Serving more than 200,000 customers that are mostly small businesses and entrepreneurs, Outright provides a finance application that automates small-business accounting tasks by organizing them effectively and efficiently. The Web and mobile application imports data from popular marketplaces, such as PayPal, eBay, Amazon and Etsy, as well as bank accounts and credit cards.

“This is a great fit for our customer base,” said Go Daddy CEO Warren Adelman. For Outright customers, this acquisition means they will soon have the benefit of Go Daddy’s rich suite of cloud-based services and world-class customer service. This is likely to benefit Outright customers because Go Daddy products and services are designed explicitly for small business owners.

“I have a pretty busy life and it was hard for me to always keep track of my income and expenses,” said Outright customer Natalie Rustigian, who owns Superstar in Disguise, an online clothing store. “With Outright, I automatically know my profit and it has a list of all my transactions, along with charts that allow me to see how much I spend on things.”

Today’s Outright acquisition is the latest development in Go Daddy’s mission to help businesses thrive online. In late 2011, Go Daddy received an investment from KKR, Silver Lake and Technology Crossover Ventures, an investment designed to build upon Go Daddy’s commitment to provide high quality services to its customers. Since then, the company has also embarked on an international expansion, including expanding into India.