Intuit agreed on Monday to sell its financial services division, which provides online and mobile banking software to banks and credit unions, to the private equity firm Thoma Bravo for about $1 billion.
Through the deal, Thoma Bravo is gaining a provider of Internet and mobile banking, digital payments and purchase rewards.
Intuit plans to hold onto two businesses currently held within the financial services unit: Mint.com, the popular personal finances tracking service, and its Open Financial Exchange connectivity unit.
The unit, one of Intuit’s smallest, represented about 9 percent of the company’s total net revenues last year. Excluding the operations that Intuit will retan, the division reported $305 million.
It currently has about 730 employees and is based in Westlake Village, Calif.
“Thoma Bravo is gaining a richly talented team that has created an enviable integrated digital banking platform and innovative mobile solution, recognized as the best in the market,†Brad Smith, Intuit’s chief executive, said in a statement. “Intuit will sharpen its focus on directly serving consumers and small businesses, and continuing to build our durable competitive advantage in those segments.â€
Intuit plans to use proceeds from the deal to continue buying back stock.
