Intuit Sells Financial Services Division, But Keeps

Monday, July 01, 2013 16:13
Intuit Sells Financial Services Division, But Keeps

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Intuit Inc. today announced that Thoma Bravo has entered into a definitive agreement with Intuit to acquire its Intuit Financial Services division (IFS). The cash transaction is valued at approximately $1.025 billion and is expected to close in the next few months.

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The transaction, Intuit says, includes the sale of Intuit’s Internet banking platform, digital payments, mobile banking, Purchase Rewards, FinanceWorks, and digital banking add-on solutions as well as third-party solutions. However, OFX connectivity and will remain with Intuit as does Quickbook, Quicken, and TurboTax.


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