Monday, July 1, 2013
Intuit Sells Intuit Financial Services For $1.025 Billion
Financial software provider Intuit has sold its Intuit Financial Services business--which is based in Woodland Hills--to private equity firm Thoma Bravo. Intuit announced the deal on Monday, saying the cash transaction is worth approximately $1.025 billion. Intuit Financial Services is made of of what was formerly Digital Insight; Intuit renamed Digital Insight to Intuit Financial Services in March of 2010.
The companies said that Thoma Bravo will provide Intuit Financial Serviecs with both leadershpi and resources to scale the company; the private equity firm said that deal fits its strategy of acquiring "great technology franchises with significant recurring revenue." Intuit Financial Services includes Internet banking software, digital payments, mobile banking, digital banking, and other assets; the deal does not include Mint.com and Intuit's OFX operations. Intuit had acquired Digital Insight back in 2006, for $1.35 billion.