OFX Connectivity Archives - Payment Processing News
July 2nd, 2013 by Admin

Intuit announced today that it had reached an agreement with Thoma Bravo to acquire its Financial Services arm of the company. The acquisition includes an internet banking platform, a digital payment solution, mobile banking and add-on solutions. The transaction was valued at approximately $1.025 Billion and is expected to be finalized over the coming months. Intuit is the maker of software titles such as QuickBooks, Quicken and TurboTax.

Thoma Bravo, a private equity group gains a powerful payment processing platform as well as many digital payment processing methods and a digital banking platform recognized as best of breed. Their buy-and-build strategy may have landed them a powerful product portfolio in Intuit’s Financial Services. Going forward Intuit plans to buy back a significant chunk of their stocks while focusing on their software brands. Thoma Bravo will extend the digital payment processing solutions into a new independent business and begin competing in a heavily crowded electronic payment processing and financial services industry. Read more of this article »

Posted in Electronic Payments Tagged with: , , , ,