Likely to conclude over the next few months, the transaction is subject to concerned regulatory approvals and satisfying other customary closing conditions.
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."
Thoma Bravo managing partner Orlando Bravo said that the acquisition of IFS is consistent with its strategy of buying technology franchises with significant recurring revenue.
Post acquisition, the acquirer will offer IFS with the required resources to scale up and effectively meet the requirements of its customers in the digital banking arena across the financial services industry.
The transaction comprises an internet banking platform, digital payments, mobile banking, Purchase Rewards, FinanceWorks, and digital banking add-on solutions as well as third-party technologies.
The acquired entity will operate as a stand-alone company, which will concentrate offering a digital banking platform and market-leading mobile technologies to financial institutions.
OFX connectivity and Mint.com, which are currently part of IFS division, will remain with Intuit.
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.
