Private Equity Firm Buys Intuit for $1 Billion

By Juan Forrer, LTN, July 8, 2013   
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Private equity firm Thoma Bravo has struck a deal to acquire Intuit Financial Services, an Intuit Inc. unit that provides online and mobile banking software to financial institutions, for $1.025 billion in cash.

Intuit—whose personal finance software products include Quickbooks and Turbotax—said in a statement that it decided to sell Westlake Village, California–based Intuit Financial Services in order to focus more closely on its core business. The company also said it plans to use proceeds from the sale to buy back shares.

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