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.