Intuit to sell Quicken

Intuit to sell Quicken
21.08.2015 01:00 am

Intuit to sell Quicken

M&A Deals

Personal finance behemoth Intuit is preparing to flog off the family silver with the proposed sale of its flagship accounting software package Quicken.

The surprise move to ditch Quicken - along with the Quickbase and Demandforce business units - was announced by the company in its 2015 results statement.

Established in 1984, Quicken beat off fierce competition from Microsoft to emerge as the world's premium provider of personal financial management software. With approximately 15 million users, the package enables users to track bank accounts, run budgets, and send online payment instructions among other things.

Intuit CFO Neill Williams, says the company will continue to support users while looking for a buyer.

The company has confirmed that it has no intention to sell of Mint, the Web-based PFM platform it acquired back in 2009 for $170 million and which now claims more than 10 million users.

Announcing the divestment, Intuit's president and chief executive officer Brad Smith says: "I'm encouraged about the strategic choices we are making for the future and our commitment to winning in the cloud. We are investing in the areas with the biggest long-term payoff, setting Intuit up for strong customer and revenue growth for fiscal 2016 and beyond."

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