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.

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.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

John Ribeiro

IDG News Service
Show Comments

Essentials

Mobile

Exec

Sony WH-1000XM4 Wireless Noise Cancelling Headphones

Learn more >

Budget

Back To Business Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?