Monday, September 14, 2009

Intuit Press Release - Intuit to Acquire

I wonder how closely this deal will be scrutinized, since it would effectively give Intuit an expanded monopoly on personal financial software and services, especially since Microsoft terminated Microsoft Money 

Intuit Inc. (Nasdaq: INTU) has signed a definitive agreement to purchase, a leading provider of online personal finance services in a cash transaction valued at approximately $170 million. Privately held, 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."

Intuit Press Release - Intuit to Acquire

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