The company has acquired IFS in a cash deal valued at nearly $1.025bn, and the new enterprise is named as Digital Insight.
Commenting on the launch, Thoma Bravo managing partner Orlando Bravo said, "As a stand-alone company, Digital Insight will be able to focus on providing an innovative digital banking platform and aggressively expand its customer base."
Commenting on the deal, Intuit president and CEO Brad Smith said, "Intuit will sharpen its focus on directly serving consumers and small businesses, and continuing to build our durable competitive advantage in those segments."
Digital Insight vice president, product management Jose Resendiz said the firm will create and deliver services that assist mid-market financial institutions to improve their customers’ financial lives so that bankers can engage in deep, profitable relationships.
The transaction of Intuit’s Financial Services division (IFS) comprises an internet banking platform, digital payments, mobile banking, Purchase Rewards, FinanceWorks, and digital banking add-on solutions as well as third-party technologies.
Formed in 1983, Intuit has a work force of 8,000 staff with major offices in the US, Canada, the UK, India and other locations. The company registered annual revenue of $4.15bn in 2012.
