Intuit buying Mint.com for 170 mln dlrs

Sep 14, 2009
Financial software company Intuit Inc. announced on Monday that it has agreed to purchase personal finance website Mint.com for 170 million dollars in cash.

Financial software company Intuit Inc. announced on Monday that it has agreed to purchase personal finance website Mint.com for 170 million dollars in cash.

"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," Intuit chief executive Brad Smith said.

"This move will enhance Intuit's position as a leading provider of consumer SaaS offerings that connect customers across desktop, online and mobile," Smith said in a statement.

Launched in September 2007, the Mountain View, California-based Mint.com is a free online personal finance service designed to help users identify where they can save money. It boasts 1.5 million users tracking nearly 200 billion dollars in transactions and 50 billion dollars in assets.

"Joining Intuit enables us to bring our vision of helping consumers understand and do more with their money to millions of Intuit customers," said Mint.com founder and chief executive Aaron Patzer.

"This is a compelling combination of our innovative product, technology, and user interface design with one of the most trusted brands in software," said Patzer, who will become general manager of Intuit's Personal Finance group.

"Mint.com brings a wealth of experience in creating and building innovative, easy-to-use online products," said Dan Maurer, senior vice president and general manager of Intuit's Consumer Group.

Intuit said Mint.com will become the primary online personal finance management service that it offers directly to consumers.

Intuit said it expects the transaction, which is subject to regulatory review, to close in the fourth quarter of the year.

Intuit, whose products include the popular personal tax preparation software TurboTax, reported revenue of 3.2 billion dollars in fiscal 2009.

(c) 2009 AFP

Explore further: Starbucks: Computer outage disrupts sales in US, Canada

Related Stories

Multiple options available for tax-preparation services

Mar 05, 2009

It's that dreaded season -- tax time. But preparing your forms this year may not be as difficult and time-consuming as in past years. Makers of the most popular tax preparation software and online services claim they've made ...

Facebook claims 250 million users

Jul 16, 2009

Facebook founder Mark Zuckerberg announced the number of people using the online social networking service has climbed to 250 million.

HP profits lower, to cut nearly 6,400 workers

May 19, 2009

US computer giant Hewlett-Packard reported a 17-percent fall in quarterly net profit on Tuesday and said it plans to cut two percent of its workforce, or nearly 6,400 workers, over the next year.

Recommended for you

How smart are the mobile shoppers who use smartphones?

Apr 24, 2015

In the age of the smart phone, how smart are the mobile shoppers who use these almost ubiquitous devices? A study from South Korea published in the International Journal of Mobile Communications hopes to answer that questi ...

India's Infosys gives muted earnings, stock falls

Apr 24, 2015

Indian software giant Infosys Technologies saw its shares dip nearly seven percent Friday after it reported a single digit rise in yearly revenues and also missed quarterly profit estimates.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.