Thoma Bravo, a private equity investment firm, has agreed to acquire Intuit’s Financial Services division, or IFS, for a cash consideration of approximately US$1.025 billion.
Once the acquisition is completed, Thoma Bravo will provide IFS with the leadership and resources to scale and meet the needs of its customers in digital banking channel across the financial services industry.
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According to Thoma Bravo, the transaction will result in a stand-alone company focused on providing a digital banking platform and mobile solutions to financial institutions.
The transaction includes an Internet banking platform, digital payments, mobile banking, Purchase Rewards, FinanceWorks, and digital banking add-on solutions as well as third-party solutions.
Thoma Bravo stated that IFS division’s certain assets, including OFX connectivity and Mint.com, will remain with Intuit.
Orlando Bravo, managing partner at Thoma Bravo, said: "Thoma Bravo’s acquisition of IFS is consistent with our strategy of buying great technology franchises with significant recurring revenue. We look forward to accelerating the company’s growth as an independent business through our buy-and-build principles."
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By GlobalDataSubject to regulatory review and other customary closing conditions, the transaction is expected to close in the next few months.
