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: Big Deal, Intuit Sells Financial Services, OFX Connectivity, QuickBooks, Quicken and TurboTax