Intuit to Acquire Mint.com
Tried and True Combines with Fresh and New
MOUNTAIN VIEW, Calif.– Intuit Inc. (Nasdaq: INTU) has signed a definitive agreement to purchase Mint.com, a leading provider of online personal finance services in a cash transaction valued at approximately $170 million. Privately held Mint.com, based in Mountain View, Calif., has successfully used its advanced technology to provide consumers with an easy and intelligent way to manage their money.
“With this transaction, Intuit will gain another fast-growing consumer brand and a highly successful Software as a Service (SaaS) offering that helps people save and make money,” said Brad Smith, Intuit CEO. “This move will enhance Intuit’s position as a leading provider of consumer SaaS offerings that connect customers across desktop, online and mobile.”
“Joining Intuit enables us to bring our vision of helping consumers understand and do more with their money to millions of Intuit customers,” said Mint.com Founder and CEO, Aaron Patzer. “This is a compelling combination of our innovative product, technology, and user interface design with one of the most trusted brands in software.”
Mint.com’s innovative capabilities can be applied broadly to millions of Intuit consumer and small business customers. We believe the acquisition of Mint.com will also offer Intuit’s financial institution clients the ability to strengthen their online offerings and deliver more value to their customers. Mint.com’s unique ‘ways to save’ engine generates a revenue stream while keeping the product free to end users. Intuit intends to integrate this capability across its businesses.
“Mint.com brings a wealth of experience in creating and building innovative, easy-to-use online products,” said Dan Maurer, senior vice president and general manager of Intuit’s Consumer Group. “Mint.com’s employees are proven inventors and pioneers in developing innovative SaaS offerings with their unique ‘ways to save’ engine, data analytics and popular UI to their credit.”
Intuit to Keep Mint.com and Quicken Online Offerings
Intuit intends to keep both the Mint.com and Quicken Online offerings, with each serving separate and equally important purposes. Mint.com will become the primary online personal finance management service that is offered directly to consumers by Intuit. Quicken Online will connect Quicken customers across desktop, online and mobile to deliver easy, anytime-anywhere access. This will help accelerate Intuit’s ability to create products and services that make managing money easier for all Intuit customers.
After the transaction is complete, Mint.com will become part of Intuit’s Consumer Group, which includes both Quicken and TurboTax products. Aaron Patzer, Mint.com’s founder and CEO will become GM of the Personal Finance group reporting to Dan Maurer, SVP of Intuit’s Consumer Group. Patzer will be responsible for online, desktop and mobile consumer personal finance offerings.
The transaction is expected to close during the fourth quarter of calendar year 2009 and is subject to regulatory review and other customary closing conditions. Following the closing of the transaction, Intuit expects to reduce its fiscal year 2010 non-GAAP diluted earnings per share guidance by approximately 2 cents and its GAAP diluted earnings per share guidance by approximately 3 cents. Intuit does not expect the acquisition to have a material effect on fiscal year 2011 earnings.
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