Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Intuit To Divest Financial Services, Healthcare Units - Quick Facts

RELATED NEWS
Trade INTU now with 

Intuit Inc. (INTU: Quote) announced that it is divesting its Intuit Financial Services business and is announcing plans to sell the Intuit Health Group.

Intuit noted that it signed a definitive agreement to sell Intuit Financial Services business or IFS to Thoma Bravo for $1.025 billion, pending regulatory review. Intuit intends to use existing cash and the proceeds of this transaction to accelerate repurchase of its shares.

Mint.com, currently part of IFS, will remain with Intuit and become part of the Consumer Ecosystem business unit that includes other consumer products such as Quicken, the company noted.

Intuit also plans to sell the Intuit Health Group. While Intuit had considered healthcare a potential growth opportunity, structural shifts in the market have evolved in such a way that the business no longer fits within the refocused strategy, the company said. The Intuit Health assets will be a better fit for an organization with a stronger focus on the healthcare industry, the company noted.

The company expects to classify IFS and Intuit Health Group as discontinued operations. In fiscal 2012, the two planned divestitures contributed combined revenue of approximately $320 million. In fiscal 2013, the two planned divestitures are expected to contribute revenue of approximately $340 million.

Intuit also announced the realignment of its Accounting Professionals Division. The first accounting organization, the Accountant and Advisor Group, will focus exclusively on building a loyal base of accountants around the globe who use and recommend Intuit's small business solutions. The second accountant organization, ProTax, will focus on winning the professional tax category in North America, capitalizing on the shift to cloud and mobile-based solutions.

Intuit noted that the changes, combined with May month realignment, become effective August 1 in conjunction with the company's new fiscal year.

Register
To receive FREE breaking news email alerts for Intuit Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The U.K. economy grew more than estimated in the second quarter and the current account deficit widened from the first quarter, the Office for National Statistics said Tuesday. Gross domestic product grew 0.9 percent sequentially, up from the prior estimate of 0.8 percent. The annual growth was confirmed at 3.2 percent. Eurozone inflation slowed in September, as expected, to the lowest since late 2009 and the unemployment rate remained stable at a double digit level in August putting pressure on the European Central Bank to launch a full-blown easing. Inflation came in at 0.3 percent, slower than August's 0.4 percent. This was the lowest since October 2009, when prices fell 0.1 percent. Chinese authorities on Tuesday eased some rules for mortgages for buying a second home, in a bid to boost the housing market. The People's Bank of China and the China Banking Regulatory Commission said in a joint statement that buyers who already own one apartment, but have paid off the mortgage...
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.