Intuit is selling a division that provides software to financial institutions in a deal worth about USD 1.03 billion as it focuses on products for consumers and small businesses.
Intuit Inc., based in Mountain View, California, makes TurboTax, QuickBooks and other personal finance software. The company is still paring back its business. It also said Monday that it wants to sell a division that serves the health care industry.
The buyer of the financial services business, private equity firm Thoma Bravo, said today that it sees continued growth in mobile banking software.
The new stand-alone company will provide a digital banking platform and mobile software to financial institutions. Based in Westlake Village, California, it employs 730 people in the US and India.
