Intuit Completes Acquisition of Mint.com
Mountain View, Calif. – Intuit Inc. (Nasdaq: INTU) has completed its acquisition of Mint.com, a fast-growing provider of online personal finance services based in Mountain View, Calif. The transaction, announced Sept. 14, is valued at approximately $170 million and enhances Intuit’s position as a leading provider of consumer, software-as-a-service offerings that connect customers across desktop, online and mobile.
Intuit and Mint.com together will help redefine personal finance, delivering innovative, easy-to-use online services that help consumers save and do more with their money. By integrating with Intuit, Mint.com quickly gains access to resources to accelerate both product development and growth.
It is expected that Mint.com’s innovative technology will be available broadly to millions of Intuit customers, starting with TurboTax® products for the upcoming 2009 tax season. With future product integrations, Mint.com’s unique ‘ways to save’ engine will help consumers and small businesses make the most of their money, while categorization algorithms will make financial management easier. Intuit also expects that the acquisition of Mint.com will offer Intuit’s financial institution clients the ability to strengthen their online offerings and deliver more value to their customers.
With the transaction complete, Aaron Patzer, former CEO of Mint.com, becomes vice president and general manager of Intuit’s personal finance group, responsible for Mint.com and all Quicken online, desktop and mobile offerings.
The combined team will continue to innovate and reinvent Intuit’s personal finance business, building on the assets of both Mint.com and Quicken.
“As the leader of Intuit’s new personal finance group, I’m looking forward to bringing together the best of Quicken and all we’ve learned at Mint.com to help people save and do more with their money,” said Patzer. “We have an opportunity to leverage new technologies and new user-interface design principles to impact more than 10 million Quicken users. Together with Intuit’s expertise in tax, bill-pay and banking, we can build powerful new online services that will make it easier for people to manage their money.”
Intuit will maintain both the Mint.com and Quicken brands, and continue to offer Quicken products. The company recently released Quicken 2010 Windows desktop and expects to release Quicken for Mac in early 2010. The current Mint.com service will remain free and becomes Intuit’s primary online personal finance management solution offered directly to consumers.
“We’re very excited about the future of personal finance,” said Dan Maurer, senior vice president and general manager of Intuit’s Consumer Group. “We’re blending strong leadership, innovative technology, and the power of a well-known, trusted brand with a fresh user interface to create the next generation of personal finance offerings.”
Inclusive of the transaction, Intuit expects a reduction of approximately 2 cents to its fiscal year 2010 non-GAAP (Generally Accepted Accounting Principles) diluted earnings per share and approximately 3 cents to its GAAP diluted earnings per share. Intuit does not expect the acquisition to have a material effect on fiscal year 2011 earnings.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.