SAN FRANCISCO Intuit Inc. announced this morning it is selling its Intuit Financial Services, the one-time Digital Insight, to private equity firm Thoma Bravo for $1.03 billion.
Intuit, which said it plans to concentrate more on its tax software business, bought Digital Insight, a provider of online banking services for more than 1,000 credit union, in 2006 for $1.35 billion.
"Thoma Bravo's acquisition of IFS is consistent with our strategy of buying great technology franchises with significant recurring revenue," said Orlando Bravo, managing partner at Thoma Bravo. "We look forward to accelerating the company's growth as an independent business through our buy-and-build principles."
"Thoma Bravo is gaining a richly talented team that has created an enviable integrated digital banking platform and innovative mobile solution, recognized as the best in the market," said Brad Smith, Intuit president. "Intuit will sharpen its focus on directly serving consumers and small businesses, and continuing to build our durable competitive advantage in those segments."
Based in Westlake Village, Calif., IFS has 730 employees in several offices in the U.S. and India.
