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 newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Featured

Slideshows

The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP has honoured its leading partners in New Zealand during 2018, following 12 months of growth through the local channel. Unveiled during the fourth running of the ceremony in Auckland, the awards recognise and celebrate excellence, growth, consistency and engagement of standout Kiwi partners.

Meet the top performing HP partners in NZ
Show Comments