Intuit Inc. said last week that its recent financial services acquisitions have been critical to its revenue growth this year.
In its first quarter of 2010, which ended Oct. 31, the Mountain View, Calif., company announced the acquisition of Mint Software Inc., which runs an online personal financial management Web site similar to Intuit's own Quicken Online, for $170 million. The deal closed this month.
Intuit also purchased PayCycle Inc., an online payroll provider, earlier this year.
"We are accelerating our transition to a connected services company with the recent acquisitions of online payroll provider PayCycle and the fast-growing online personal financial service Mint.com," Brad Smith, Intuit's president and chief executive, said in a press release Thursday.
Intuit said last week that its revenue for its first quarter increased 2%, to $493 million from a year earlier. The company said its net loss has widened to $99 million from $76 million.
Smith said Intuit's first-quarter results are strong and the "most important quarters [are] ahead of us."
