18 August 2017
visit www.avoka.com

Intuit agrees $1bn sale of financial services business

01 July 2013  |  6443 views  |  0 buy and sell button

Intuit has agreed to sell its IFS division - which provides online and mobile banking technology to financial services firms - to private equity firm Thoma Bravo for around $1.025 billion in cash.

The agreement - slated to close in the next few months, subject to regulatory review - will see Thoma Bravo create a stand-alone company focused on providing a digital banking platform to financial institutions.

The deal covers the IFS unit's Internet banking platform, digital payments, mobile banking, Purchase Rewards and FinanceWorks, as well as add-on and third-party offerings.

However, despite being a part of the IFS unit, personal finance management site Mint and OFX connectivity are not part of the deal.

IFS employs around 730 people in the United States and India and made $305 million in revenue (excluding Mint and OFX connectivity) in fiscal 2012. Thoma Bravo has vowed to back the unit with the leadership and resources needed to scale.

Meanwhile, Brad Smith, president and CEO, says Intuit "will sharpen its focus on directly serving consumers and small businesses, and continuing to build our durable competitive advantage in those segments".

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Intuit launches UK chip and PIN mobile card reader

Intuit launches UK chip and PIN mobile card reader

14 March 2013  |  10673 views  |  0 comments | 11 tweets | 9 linkedin
Intuit buys m-commerce start-up AisleBuyer

Intuit buys m-commerce start-up AisleBuyer

11 April 2012  |  4890 views  |  0 comments
Intuit launches Indian money management tool

Intuit launches Indian money management tool

02 February 2010  |  4170 views  |  0 comments
Intuit to buy Mint for $170m

Intuit to buy Mint for $170m

14 September 2009  |  9134 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.niceactimize.comvisit www.dorsum.eu

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10297 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8508 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7929 views 0 | 1 tweets | 9 linkedin
Uneasy sits the crown as cash use continues declineUneasy sits the crown as cash use continue...
7885 views comments | 3 tweets | 7 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job