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

Editors Pick
Stocks moved notably higher over the course of the trading day on Tuesday after recovering from an initial move to the downside. With the strong upward move on the day, the Dow reached a new record intraday high before giving back some ground. President Barack Obama is scheduled to travel to the headquarters of the Centers for Disease Control and Prevention in Atlanta, Georgia, on Tuesday to outline steps the U.S. will take to help combat the Ebola outbreak in West Africa. Senate Republicans once again voted Monday to block a Democratic bill aimed at narrowing the national gender wage gap. The Senate voted 52 to 40 in favor of limiting debate on the Paycheck Fairness Act, falling well short of the 60 votes required.
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.