Intuit Inc. has bought the mobile banking technology assets of Mobile Money Ventures, a joint venture of Citigroup Inc. and SK Telecom Co. Ltd. it has worked with to develop mobile banking services.
Intuit, of Mountain View, Calif., said in a press release that the purchase would allow it to "directly manage customer support" and have more say in the "design of its mobile web banking solutions."
"This acquisition will help us more rapidly bring new solutions to market so financial institutions can deliver important insights and services when and where their customers need them," CeCe Morken, the president of Intuit Financial Services, said in the release. Morken's unit provides online, mobile and other software to banks.
Mobile Money Ventures, of San Mateo, Calif., was formed in 2008. Through its work with Intuit, it has developed programs that have reached more than 400,000 consumers, Intuit said. Currently more than 320 U.S. banks and credit unions use Intuit's mobile Web technology.
The terms of the deal, which closed Monday, were not disclosed, though Intuit said the purchase is not material to its financial results.
