Intuit Inc. (Nasdaq:INTU) today announced it has acquired the TekPortal data aggregation technology from Teknowledge Corp. (Nasdaq:TEKC).
The technology is expected to provide Intuit with strategic software for enhancing current and future offerings for small businesses and consumers. In addition, Intuit plans to continue Teknowledge's focus on developing and licensing TekPortal technology to financial institutions.
Teknowledge, headquartered in Palo Alto, Calif., develops software products and delivers integration services for a variety of government agencies as well as for financial services and technology companies. Its TekPortal solution provides financial institutions the ability to collect and make available customers' financial data from a variety of sources. It also supports a range of other key functions, including online account opening and authentication services.
Intuit has paid approximately $7 million in cash for Teknowledge's technology. The transaction closed earlier today.