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Intuit Inc. (INTU) said Monday it has agreed to sell its online and mobile banking division for about $1 billion in cash to Thoma Bravo LLC, a private equity firm.
Intuit Financial Services, the unit based in Westlake, Calif., serves about 2,900 financial institutions, providing about 1,100 of them with digital banking.
The purchase will allow Thoma Bravo to create a stand-alone company that sells a digital banking platform to financial institutions. The transaction includes an internet banking platform, digital payments, mobile banking, purchase rewards, FinanceWorks (a personal financial management module) and digital banking add-on solutions as well as third-party solutions, according to Intuit. Meanwhile,
The transaction, which is subject to customary closing conditions, is expected to close in the next few months.
"Intuit will sharpen its focus on directly serving consumers and small businesses, and continuing to build our durable competitive advantage in those segments," said Brad Smith, Intuit president and chief executive officer, in a press release.
Intuit Financial Services employs 730 in several offices in the United States and India.
Separately, Thoma Bravo announced in late June it would
