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Intuit Inc. Message Board

  • rpgjr2000 rpgjr2000 Sep 14, 2009 11:18 AM Flag

    This is very good for INTU :)

    Intuit to Acquire Mint.com
    Tried and True Combines with Fresh and New

    Press Release
    Source: Intuit Inc.
    On Monday September 14, 2009, 11:15 am EDT
    Buzz up! 0 Print.Companies:Intuit Inc.
    MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Intuit Inc. (Nasdaq: INTU) has signed a definitive agreement to purchase Mint.com, a leading provider of online personal finance services in a cash transaction valued at approximately $170 million. Privately held Mint.com, based in Mountain View, Calif., has successfully used its advanced technology to provide consumers with an easy and intelligent way to manage their money.

    Related Quotes
    Symbol Price Change
    INTU 28.03 +0.19


    {"s" : "intu","k" : "c10,l10,p20,t10","o" : "","j" : ""} “With this transaction, Intuit will gain another fast-growing consumer brand and a highly successful Software as a Service (SaaS) offering that helps people save and make money,” said Brad Smith, Intuit CEO. “This move will enhance Intuit’s position as a leading provider of consumer SaaS offerings that connect customers across desktop, online and mobile.”

    “Joining Intuit enables us to bring our vision of helping consumers understand and do more with their money to millions of Intuit customers,” said Mint.com Founder and CEO, Aaron Patzer. “This is a compelling combination of our innovative product, technology, and user interface design with one of the most trusted brands in software.”

    Mint.com’s innovative capabilities can be applied broadly to millions of Intuit consumer and small business customers. We believe the acquisition of Mint.com will also offer Intuit’s financial institution clients the ability to strengthen their online offerings and deliver more value to their customers. Mint.com’s unique ‘ways to save’ engine generates a revenue stream while keeping the product free to end users. Intuit intends to integrate this capability across its businesses.

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    • Why will this be good? It brings in no revenue but does bring in costs. Quicken and personal finance is a minuscule part of Intuit's revenue so why bother with this acquisition? I don't see the defensive or offensive argument at this point. $170MM seems like a lot to spend on technology in a space that is very small and that virtually anyone can enter.

      • 1 Reply to buildcapital
      • I LIKE THIS EXPLANATION

        Intuit's Acquisition Elevates Online Banking
        09/15/09 - 08:18 AM EDT Leave a Comment
        INTU , MSFT , COF , TROW , ETFC , ING Joe Mont BOSTON (TheStreet) -- If you can't beat 'em, buy 'em.
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        E Trade Financial Corporation| ETFC UPING Groep NV| ING DOWNThat seems to be the lesson from Intuit's(INTU Quote) $170 million purchase of Mint.com, a free online service tracks users' spending and saving patterns. It's the latest case in which a larger company is outfoxed by a smaller rival. Microsoft(MSFT Quote) announced in June that Microsoft Money Plus software would no longer be available for purchase. Two months later, the software giant modified its decision, announcing it will release versions of Money Plus Deluxe and Money Plus Home & Business, which don't allow access to online or premium services.
        Intuit's deal, announced Monday, could serve to elevate so-called personal finance management companies looking to build market share and hasten the demise of those that became too big and sluggish to remain cutting edge, which is important given that younger people are comfortable performing banking transactions. Still, Intuit's acquisition means it's "all-in when it comes to personal financial management," says Jacob Jegher, a senior analyst at Celent, a Boston-based financial research and consulting firm.
        Microsoft's loss is a gain for smaller firms, such as Wesabe, a free online service that combines financial-planning tools with a community of users offering advice.
        "When I started Wesabe in 2005, many people, including Intuit founder Scott Cook, told me no one would ever manage their money online," Chief Executive Officer Marc Hedlund says. "A lot has changed since then. It's great to see how broad and strong the support for online personal finance is today. I think this [Intuit] deal reinforces that."

 
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