Intuit Finds a Buyer for Quicken
March 04 2016 - 10:40AM
Dow Jones News
Intuit Inc. said Friday it would sell is Quicken segment to
private-equity firm HIG Capital for an undisclosed amount, about
six months after the maker of TurboTax said it was looking to pare
down.
In a blog post, Eric Dunn, head of Quicken, said "Quicken will
thrive with increased investment" and that he will remain on board
after the transaction is completed. Miami-based HIG has $19 billion
in capital under management, according to its website.
Intuit didn't offer a deal price for the personal-finance
business or indicate when the transaction would close. A spokesman
for the company didn't immediately return a request for
comment.
The divestiture comes after Intuit last summer flagged several
business units for sale, including collaboration platform QuickBase
and communications software business Demandforce in addition to
Quicken, in a move to focus on its core small-business and tax
preparation businesses.
In its most recent fiscal year, Intuit brought in $51 million in
revenue from Quicken and swung to a loss in the segment. The
company reported $4.2 billion in overall revenue in fiscal 2015 and
earned $365 million.
Shares in the company slipped 0.4% in early trading. So far this
year, the stock is up 0.8%.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
March 04, 2016 10:25 ET (15:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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