Monday, September 14, 2009
Mint Selling to Intuit for $170 Million
Mint.com, the leader in online personal financial management has just signed an agreement to be purchased by Intuit (makers of Quicken, QuickBooks and TurboTax) for an amount disclosed as “approximately $170 Million” in an Intuit press release.
Intuit’s Quicken Online is a competing free service to Mint.com and users of both services may be wondering “will Quicken Online/Mint remain free?”
Josh Smith, of Wallet Pop cleared that up for everyone in a story released today, quoting Scott Gulbransen of Intuit who assures users that both services are expected to remain free.
Mint.com CEO and founder Aaron Patzer will be joining Intuit as the General Manager of the Personal Finance group where he will be responsible for “online, desktop and mobile consumer personal finance offerings” for the company.
Patzer reported on the Mint.com blog that the sale is good news for Mint users who will gain from Intuit’s size and status as a leader in financial software citing that “by joining Intuit, we can accelerate our ability to add more fantastic new product functionality into both Quicken and Mint."
The transaction is expected to close by the end of the year.
Since launching two years ago, Mint.com has garnered 1.5 million users and is tracking $200 billion in transactions according to an Intuit press release.
Intuit was founded in 1983 and had an annual revenue of $3.2 billion in FY 2009. They have 7,800 employees worldwide according to their press release.
Intuit Press Release
Mint.com blog Post
Jessica Ward is a freelance writer based in Seattle. She also blogs at The Penny-Wi$e Family and DebtKid.com