Intuit Inc. signed a definitive agreement to purchase Mint.com, a leading provider of online personal finance services in a cash transaction valued at approximately $170 million. Privately held Mint.com, based in Mountain View, Calif., has successfully used its advanced technology to provide consumers with an easy and intelligent way to manage their money.
"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," said Brad Smith, Intuit CEO. "This move will enhance Intuit's position as a leading provider of consumer SaaS offerings that connect customers across desktop, online and mobile."
"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. "Mint.com's employees are proven inventors and pioneers in developing innovative SaaS offerings with their unique ‘ways to save' engine, data analytics and popular UI to their credit."
Intuit to Keep Mint.com and Quicken Online Offerings
Intuit intends to keep both the Mint.com and Quicken Online offerings, with each serving separate and equally important purposes. Mint.com will become the primary online personal finance management service that is offered directly to consumers by Intuit. Quicken Online will connect Quicken customers across desktop, online and mobile to deliver easy, anytime-anywhere access. This will help accelerate Intuit's ability to create products and services that make managing money easier for all Intuit customers.
After the transaction is complete, Mint.com will become part of Intuit's Consumer Group, which includes both Quicken and TurboTax products. Aaron Patzer, Mint.com's founder and CEO will become GM of the Personal Finance group reporting to Dan Maurer, SVP of Intuit's Consumer Group. Patzer will be responsible for online, desktop and mobile consumer personal finance offerings.
The transaction is expected to close during the fourth quarter of calendar year 2009 and is subject to regulatory review and other customary closing conditions.