Menu
Intuit selling Quicken to private equity firm HIG Capital

Intuit selling Quicken to private equity firm HIG Capital

Intuit said in August it planned to sell Quicken, Demandforce and QuickBase

Intuit is selling its Quicken personal finance software to private equity firm H.I.G. Capital, with the current head of Quicken, Eric Dunn, continuing to run the business under the new owners.

The financial terms of the deal were not disclosed.

Intuit said in August last year it was divesting from its Quicken, Demandforce and QuickBase product lines to better focus on small businesses, and doing the “nations’ taxes” in the U.S. and Canada.

Demandforce was sold to Internet Brands in El Segundo, California, in January at an undisclosed price. The acquirer said the brand and product offerings will be retained after the acquisition, and Demandforce would continue to operate from its San Francisco headquarters.

Intuit said in February during an earnings call for its second fiscal quarter that it expected the sale of the product lines to be complete in the current fiscal quarter that ends April 30. It said it expected the proceeds from the sale to be about US$500 million.

Besides continuing to improve on the Windows version of Quicken, which is now a mature product, Quicken under H.I.G will continue to invest in improving the Mac version, including by doubling the size of the engineering  team this year and having a new product manager starting Monday, said Dunn, who is now a part-owner of the business. That would help the Mac version get "over the next quarters and years" to the set of features that the Windows version now has, he added. 

Quicken will also invest on new capabilities for cloud versions for Android and iOS of its application, Dunn added.

“We’ve already started the journey with the new Quicken 2016 products that launched in November with new features to help consumers stay on top of their bills,” Dunn wrote in a post. “In the last six months, we’ve also increased our investment in U.S.-based phone support. This is just the start of what’s to come.”

Quicken under H.I.G reassured users that it did not anticipate any changes to pricing and interruption of day-to-day functionality for customers as a result of the transition. “This change will not affect your data,” it said in its FAQ. Quicken services such as Bill Pay and Online Backup will also continue to work for customers without changes.

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Featured

Slideshows

Reseller News launches inaugural Hall of Fame lunch

Reseller News launches inaugural Hall of Fame lunch

Reseller News welcomed 2015 and 2016 inductees - Darryl Swann, Dave Rosenberg, Gary Bigwood, Keith Watson, Mike Hill and Scott Green - to the inaugural Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed how the channel can collectively work together to benefit New Zealand, the Kiwi skills shortage and the future of the industry. Photos by Maria Stefina.

Reseller News launches inaugural Hall of Fame lunch
Educating from the epicentre - Why distributors are the pulse checkers of the channel

Educating from the epicentre - Why distributors are the pulse checkers of the channel

​As the channel changes and industry voices deepen, the need for clarity and insight heightens. Market misconceptions talk of an “under pressure” distribution space, with competitors in that fateful “race for relevance” across New Zealand. Amidst the cliched assumptions however, distribution is once again showing its strength, as a force to be listened to, rather than questioned. Traditionally, the role was born out of a need for vendors and resellers to find one another, acting as a bridge between the testing lab and the marketplace. Yet despite new technologies and business approaches shaking the channel to its very core, distributors remain tied to the epicentre - providing the voice of reason amidst a seismic industry shift. In looking across both sides of the vendor and partner fences, the middle concept of the three-tier chain remains centrally placed to understand the metrics of two differing worlds, as the continual pulse checkers of the local channel. This exclusive Reseller News Roundtable, in association with Dicker Data and rhipe, examined the pivotal role of distribution in understanding the health of the channel, educating from the epicentre as the market transforms at a rapid rate.

Educating from the epicentre - Why distributors are the pulse checkers of the channel
Kiwi channel reunites as After Hours kicks off 2017

Kiwi channel reunites as After Hours kicks off 2017

After Hours made a welcome return to the channel social calendar last night, with a bumper crowd of distributors, vendors and resellers descending on The Jefferson in Auckland to kickstart 2017. Photos by Maria Stefina.

Kiwi channel reunites as After Hours kicks off 2017
Show Comments