SAN FRANCISCO and MOUNTAIN VIEW, Calif. (7/2/13)--Intuit announced Monday that it has entered into an agreement to sell its Intuit Financial Services division to Thoma Bravo.
Intuit Financial Services is a CUNA Strategic Services provider.
The cash transaction is valued at about $1.025 billion and is subject to regulatory review and other customary closing conditions. The transaction is expected to close in the next few months.
The transaction will result in a stand-alone company focused on providing a digital banking platform and market-leading mobile solutions to financial institutions.
The transaction includes an Internet banking platform, digital payments, mobile banking, Purchase Rewards, FinanceWorks, and digital banking add-on solutions as well as third-party solutions. Certain assets that are currently included in the IFS division, including OFX connectivity and Mint.com, will remain with Intuit.