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Maker of all shiny tax things Intuit said on Monday it is selling its financial services unit to private equity firm Thoma Bravo for about $1.03 billion in cash.
Intuit’s financial services division (IFS) provides online software to banks and financial institutions. Thoma Bravo managing partner Orlando Bravo said the acquisition of IFS is “consistent with our strategy of buying great technology franchises with significant recurring revenue.”
The shift in strategy will help Intuit focus on its burgeoning base of individuals and small businesses alike. Mint.com, currently a part of IFS, will stay with Intuit and form part of the Consumer Ecosystem business.
The transaction is expected to close in the coming few months, though a specific deadline was not given. The deal may be subject to regulatory review, the statement noted.
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Source: Associated Press