= Subscriber content; or subscribe now to access all American Banker content.

Intuit Buys Mint Software for $170M

Intuit Inc. said Monday it has agreed to buy Mint Software Inc. for $170 million.

Intuit, of Mountain View, Calif., sells to consumers the popular Quicken personal financial management software, and also offers Finance Works, a similar product that banks can deliver to customers through their Web sites.

Mint, of San Francisco, operates a free Web site where people can track their finances and spending habits using a similar financial management application.

Mint said in March it was developing a version of its software that it planned to white-label to banks that wanted to offer financial management tools to customers.

The cash deal is expected to close in the fourth quarter.

Aaron Patzer, Mint's chief executive, said in an Intuit press release that being acquired creates "a compelling combination of our innovative product, technology and user interface design with one of the most trusted brands in software."