Intuit Finds a Buyer for Quicken

Intuit Inc. said Friday it would sell is Quicken segment to private-equity firm HIG Capital for an undisclosed amount, about six months after the maker of TurboTax said it was looking to pare down.

In a blog post, Eric Dunn, head of Quicken, said "Quicken will thrive with increased investment" and that he will remain on board after the transaction is completed. Miami-based HIG has $19 billion in capital under management, according to its website.

Intuit didn't offer a deal price for the personal-finance business or indicate when the transaction would close. A spokesman for the company didn't immediately return a request for comment.

The divestiture comes after Intuit last summer flagged several business units for sale, including collaboration platform QuickBase and communications software business Demandforce in addition to Quicken, in a move to focus on its core small-business and tax preparation businesses.

In its most recent fiscal year, Intuit brought in $51 million in revenue from Quicken and swung to a loss in the segment. The company reported $4.2 billion in overall revenue in fiscal 2015 and earned $365 million.

Shares in the company slipped 0.4% in early trading. So far this year, the stock is up 0.8%.

Write to Lisa Beilfuss at [e-mail]

(END) Dow Jones Newswires

March 04, 2016 10:25 ET (15:25 GMT)

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