The private equity firm Thoma Bravo is to buy Intuit’s IFS financial services division, which offers online and mobile m-banking technology to financial institutions (FIs), for $1bn. The cash deal is expected to close in Q3 this year, but is subject to regulatory approvals.
Intuit will retain its payment processing and devices business for consumers and small businesses where its mobile point-of-sale (MPoS) offerings are gaining traction and increasingly focus on this growing market sector. Thoma Bravo will spin out a standalone digital banking software platform, covering online and m-banking and loyalty, for FIs.
The Mint personal finance management (PFM) offering and OFX connectivity units are not part of the deal, and will also remain with Intuit.