Intuit is set to buy online personal finance outfit Mint in a deal worth around $170 million.
Mint provides a free one-stop shop that enables people to track spending and manage online accounts held at a number of institutions.
Launched in public beta in September 2007, by this August the site was claiming over 1.4 million registered users, tracking over $175 billion in transactions and $47 billion in assets.
That month it raised $14 million in a series c financing round, taking total investment to $32 million. The firm does not disclose its revenues but says they are eight times up year over year.
Mint's rapid rise provided significant competition for the long-established market leader Intuit and its Quicken Online offering. In January, Intuit even sent its rival a letter demanding proof to backup stated user numbers.
Citing a "source close to the deal", TechCrunch says Intuit has now decided to snap up its rival and a $170 million deal should be announced in the next few days.
Intuit To Acquire (Former TechCrunch50 Winner) Mint For $170 Million - TechCrunch
Intuit has confirmed it has agreed a cash deal worth approximately $170 million to buy Mint. Expected to close in the fourth quarter, the deal will see Intuit reduce its fiscal year 2010 non-GAAP diluted earnings per share guidance by around two cents.
Intuit will keep both the Mint.com and Quicken Online offerings. Mint will become the primary online personal finance management service that is offered directly to consumers while Quicken Online will connect Quicken customers across desktop, Internet and mobile.
Mint's founder and CEO, Aaron Patzer, will become GM of the Intuit personal finance group, responsible for online, desktop and mobile consumer offerings.
"This is a compelling combination of our innovative product, technology, and user interface design with one of the most trusted brands in software," says Patzer.
Brad Smith, CEO, Intuit, adds: "With this transaction, Intuit will gain another fast-growing consumer brand and a highly successful Software as a Service (SaaS) offering that helps people save and make money."