Time & Model
Tue, Mar. 8, 1:30 PM
- Less than a week after disclosing P-E firm H.I.G. Capital is buying its Quicken unit, Intuit (INTU +0.7%) states P-E firm WCAS is buying its QuickBase custom business app unit. The deal is expected to close in 1H16.
- Terms are once more undisclosed; Intuit has said it expects to reap ~$500M in combined proceeds from the sale of QuickBase, Quicken, and Demandware, the last of which has been sold to Internet Brands.
- QuickBase had FY15 (ended last July) revenue of more than $70M, and claims over 6K customers (including over half the Fortune 100).
Fri, Mar. 4, 9:30 AM
- P-E firm H.I.G. Capital will be acquiring Intuit's (INTU +0.4%) Quicken personal finance/money management software unit, Quicken chief Eric Dunn discloses. The sale price remains unknown.
- CFO Neil Williams stated last week Intuit (NASDAQ:INTU) expects ~$500M in combined proceeds from the sale of its Demandforce, QuickBase, and Quicken units, and that the transactions will be finished in the April quarter. The sale of Demandforce to Internet Brands was announced in January.
Fri, Feb. 26, 5:33 PM
- "We expect the process to sell Demandforce, QuickBase and Quicken will be completed this fiscal quarter, with total proceeds of approximately $500 million," said Intuit (NASDAQ:INTU) CFO R. Neil Williams during his company's FQ2 call (transcript). Intuit has already announced the sale of Demandforce to Internet Brands for an undisclosed sum.
- The remarks come six months after Intuit announced it plans to divest Demandforce (cloud marketing/contact software), QuickBase (custom business apps), and Quicken (personal finance software), as part of an effect to focus on tax and small business offerings. The company paid $423.5M for Demandforce alone in 2012.
- Though up in after hours trading yesterday, Intuit closed down 4.3% post-earnings, in spite of an FQ2 beat and good FQ3 guidance. The fact Intuit nonetheless didn't change its FY16 sales/EPS guidance could be worrying some investors.
Fri, Jan. 15, 11:01 AM
- Internet Brands is buying Intuit's (INTU -2.1%) Demandforce unit, which provides cloud marketing and customer contact software for SMBs, for a yet-undisclosed sum.
- Intuit announced in August it's looking to divest Demandforce, as well as its Quicken personal finance/money management software unit and its QuickBase custom business app unit. Demandforce was acquired in 2012 for $423.5M.
- Shares are lower amid a 2.7% Nasdaq drop.
Aug. 7, 2014, 6:46 PM
- Intuit (NASDAQ:INTU) is buying PaySuite, a U.K.-based provider of cloud payroll software. Terms are undisclosed.
- Intuit states the deal will allow small businesses to "seamlessly integrate" payroll data with QuickBooks Online, and furthers its goal of "providing small businesses with the full range of cloud-based business management tools."
- PaySuite is Intuit's first acquisition in FY15 (ends July '15), following nearly a dozen in FY14. In May, the company announced it's buying popular bill-payment app Check for $360M.
Apr. 30, 2014, 8:10 AM
- The WSJ reports Intuit (INTU) is in talks to buy Check, developer of a bill-payment/money management app with 10M+ users, for over $350M. The paper cautions discussions are at an early stage.
- Check, which has its share of rivals, monetizes its apps via ads. The company reportedly expects 2014 revenue of over $20M, up from less than $15M in 2013.
- Intuit, which has proclaimed it wants to be "the operating system for small business," has bought a slew of companies in recent years that provide Web-based or mobile tools for SMBs to help manage their day-to-day activities (Demandforce being the largest). Compared with many other acquisition targets, Check is relatively consumer-focused.
Dec. 4, 2013, 6:22 PM
- Intuit (INTU) is acquiring Docstoc, a document-focused resource site for small businesses that claims 25M+ registered users. AllThingsD reports the purchase price "could reach $50 million."
- Docstoc offers 20M+ professional documents on its site, along with articles, videos, and other content aimed at SMBs. Some of its content is free, while other material requires subscription plans. The startup also provides a platform for uploading, syncing, and selling user-created documents.
- Docstoc is the latest in a string of SMB-focused acquisitions made by Intuit, which recently obtained $1.025B from the sale of its online/mobile banking software unit (but apparently could've obtained more).
- Other recent acquisitions include workers comp. tech provider Prestwick Services, tax return software firm GoodApril, and Facebook ad/e-commerce services provider Payvment.
Nov. 20, 2013, 1:54 PM
- Intuit (INTU +0.1%) is acquiring Prestwick Services, provider of a workers compensation platform for small businesses that, according to Intuit, provides more accurate insurance premium calculations and eliminates large up-front prepayments.
- Whereas traditional workers comp. solutions rely on prepayments based on estimates, Prestwick's Trupay offering calculates payments in real-team, and adjusts them as employee changes take place.
- Intuit plans to offer Prestick's solution to its 1M Payroll service customers. The company will be added to Intuit's Employee Management Solutions unit.
- Recent Intuit acquisitions: GoodApril, Level Up Analytics, Payvment
Jul. 1, 2013, 10:21 AM
Following a halt, Intuit (INTU +4.3%) rallies in response to news it's selling its financial services unit (exc. its Mint.com and OFX Connectivity ops) to Thoma Bravo for $1.025B. Intuit also plans to sell its Health Patient Portal business and restructure its accounting professionals unit, and will focus on consumer tax and small business products going forward. The businesses due to be sold are expected to yield FY13 (ends in July) sales of $340M, or less than 8% of estimated revenue. Intuit will use the proceeds of the financial services sale to ramp buyback activity. Raymond James upgraded shares to Strong Buy before news of the deal broke. (May restructuring)| Jul. 1, 2013, 10:21 AM
Jul. 1, 2013, 8:34 AM
Intuit (INTU) sells its financial services division to P-E firm Thomas Bravo for $1.025B in cash. The transaction is slated to close sometime in the next few months.| Jul. 1, 2013, 8:34 AM
Jun. 21, 2013, 2:14 PM
Intuit (INTU -0.9%) diversifies some more by acquiring Elastic Intelligence, developer of software (Connection Cloud) that quickly pulls up data from popular cloud app providers such as Salesforce, NetSuite, and Google (Docs) for businesses to analyze via 3rd-party apps. Intuit calls Connection Cloud a "breakthrough" cloud data integration product, and says it will complement its SMB-focused QuickBase solution for building custom cloud apps. With its tax software growth slumping, Intuit has been busy cross-selling SMB clients products such as as Web/cloud development tools and mobile payments solutions.| Jun. 21, 2013, 2:14 PM
Jan. 29, 2013, 1:49 PM
Intuit (INTU) has acquired the assets of Payvment, a startup offering e-commerce infrastructure and ad-buying services to ~200K merchants relying on Facebook (FB). Payvment's customers have been transferred to rival Ecwid. Payvment's failure is raising fresh questions about Facebook's own ability to profit from e-commerce referral traffic. Though its Gifts product has seen some early uptake, skeptics argue Facebook's news feed (unlike Google searches) doesn't lend itself well to driving e-commerce activity.| Jan. 29, 2013, 1:49 PM
Apr. 27, 2012, 11:57 AM
Intuit (INTU +0.4%) is acquiring Demandforce, a developer of cloud marketing software for SMBs, for $423.5M in cash. The deal might be the strongest example yet of Intuit's efforts to diversify beyond tax software - the company has already made a strong push into mobile shopping and payments. However, the cloud marketing space is getting crowded - CRM, CTCT, BV, and ORCL are also key players.| Apr. 27, 2012, 11:57 AM
Apr. 12, 2012, 2:25 PM
Mar. 5, 2012, 11:26 AM
Bottomline Technologies (EPAY -1%) plans to partner with Intuit (INTU -0.9%) and acquire the commercial banking business from its financial services segment for $20M The firms plan to work together with cross promotions and joint sales efforts aimed at financial institutions.| Mar. 5, 2012, 11:26 AM